Mai Feng Group (08300) plans to acquire approximately 55% of the equity of Nanjing Zerui Longxiang Supply Chain Management through its subsidiary.

Zhitan Finance APP News, Jiami Fang Group (08300) announced that the board of directors hereby declares that it has approved the proposal for the company, through its wholly-owned subsidiary Fulton Asia Investment Limited, to acquire approximately 55% equity interest in the target company Nanjing Zerui Longxiang Supply Chain Management Co., Ltd for a nominal consideration of RMB 1. The consideration is determined after reference to (i) the target company's financial information (based on the latest unaudited financial information provided by the target company on the net liability position); and (ii) the benefits brought by the proposed acquisition items as set out in the following section "Reasons and Benefits of the Proposed Acquisition". As of the date of this announcement, the target company is respectively held by Hainan Miao Fa, Nanjing Run Huang and Huang Ziyu (independent third parties) with approximately 62%, approximately 33% and approximately 5% equity interests. Upon completion of the proposed acquisition (acquiring approximately 33% equity interest in the target company from Nanjing Run Huang and approximately 22% equity interest from Hainan Miao Fa), the Group will hold approximately 55% equity interest in the target company, while independent third parties are expected to hold the remaining approximately 45% equity interest. After the completion of the proposed acquisition, the target company will become a non-wholly-owned subsidiary of the company, and its financial performance will be consolidated into the company's consolidated financial statements.