Huabao Co., Ltd. announced that Hong Kong Boyu, a second-tier wholly-owned subsidiary of the company, holds 21.43% of the shares in the participating company Hong Kong Boyuan. Hong Kong Boyuan plans to transfer 99% of its shares in Indonesian Boyuan to Nocton, a subsidiary of the indirect controlling shareholder, at a price of 13.2196 million US dollars. The parties have signed a “Share Transfer Agreement”. This transaction does not constitute a related transaction or major asset restructuring. After the transaction is completed, Hong Kong Boyuan will no longer hold shares in Indonesia, which will not affect the scope of the company's consolidated statements. It is expected to increase the company's net profit by about RMB 18.21 million.

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