Hongchuan Smart announced that Dongguan Hongchuan Chemical Storage Co., Ltd., a wholly-owned subsidiary of the company, and Wuxi Baisheng signed a “Property Share Transfer Agreement” to transfer 8.47% of Xinzhi Relay Partnership's limited partnership share, corresponding to the pledged and paid-in capital of RMB 10 million, and a transaction consideration of RMB 11.1836 million. On the same day, Hongchuan Storage and professional investment institutions jointly signed a “partnership agreement”. After the transaction is completed, Hongchuan Storage will become one of the limited partners of Xinzhi Relay Partnership, holding 8.47% of the partnership share. The transaction still needs to go through the registration of industrial and commercial changes and related filing procedures.

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