The State Administration for Market Regulation unconditionally approves the acquisition of a portion of the shares of Beijing SKP by Boyu Fund.

On June 5th, the State Administration for Market Regulation website released the latest list of unconditionally approved cases of operator concentration, among which the case of Bohai Five Phase US Dollar Fund Limited acquiring the equity of Beijing Hualian Department Store Co., Ltd. was included. According to previous disclosures, Bohai Five Phase US Dollar Fund intends to acquire a portion of the equity of Beijing Hualian Department Store Co., Ltd. After the transaction, the affiliated party of Bohai Five Phase US Dollar Fund will indirectly hold 42%-45% of the equity of Beijing SKP through financial investment. Beijing SKP is mainly engaged in department store retail business in China.