Chen Wei agreed to acquire Shanghai Ruiyu Fitness and Leisure Products Co., Ltd. from LeKing Wellness Co., Ltd. (SZSE:300247) for CNY 35 million on June 8, 2020. Under the terms of the transaction, Chen Wei shall pay a deposit of CNY 3 million to LeKing Wellness. If the authority of LeKing Wellness does not pass the approval of the equity transfer, LeKing Wellness should return the entire deposit to Chen Wei within three working days from the date of the relevant resolution. The first phase of payment of CNY 18 million will be paid within five working days after Chen Wei receives the written notice of LeKing Wellness' equity transfer conditions and all supporting documents. The second payment of CNY 4.25 million will be paid in the period from the last payment date of the first period of six months before the last day (including the day). The third phase payment of CNY 4.25 million will be paid in the period from the last payment date of the first phase twelve months before the last day (including the day). The fourth payment is CNY 4.25 million will be made before the last day of the eighteenth month (including the day) from the last payment date of the first period. Payment of CNY 4.25 million for the fifth installment will be made before the last day of the twenty fourth month (including the same day) from the last payment date of the first installment. The deposit paid by Chen Wei will be automatically transferred to the first phase of equity transfer. For the year ended December 31, 2019, Shanghai Ruiyu Fitness and Leisure Products had total assets of CNY 62.7 million, net assets of CNY 41.5 million, revenues of CNY 159.1 million and net loss of CNY 34.8 million. The transaction is subject to the approval of LeKing Wellness' Board of Directors and general meeting of shareholders, and the approval of the competent authority (if necessary). On July 17, 2020, LeKing Wellness Co., Ltd. held the 5th Meeting of the 5th Directorate, and approved the transfer. Anhui Rui Zheng Law Office acted as legal adviser, ZTF Securities Co., Ltd. acted as financial advisor and Zhongzheng Tiantong Certified Public Accountants (Special General Partnership) acted as accountant for LeKing Wellness Co., Ltd.