Integration of Jianfa Group's businesses: Jianfa City Service and Lianfa Property Management intend to merge into Jianfa Property Management, but the formal agreement has not been reached yet.

Xiamen Jianfa Group Co., Ltd. has started to integrate its businesses. On April 10th, Jianfa International and its subsidiary Jianfa Properties jointly announced that their common subsidiary Xiamen Yirui Investment Management Co., Ltd. had signed a memorandum of understanding with several affiliated sellers. The announcement stated that Xiamen Yirui intends to acquire 100% of the equity of two target companies, Xiamen Jianfa City Service Development Co., Ltd. and Xiamen Lianfa Property Services Co., Ltd., in cash. As of the announcement date, the terms and conditions of the formal agreement have not been signed with the sellers, and the acquisition may not necessarily proceed. Regarding the most core price terms, the announcement only indicates that the parties will negotiate based on the evaluation value determined by the asset evaluation report approved and filed by the competent state-owned assets supervision department, combined with the results of the due diligence. Currently, the announcement has not disclosed any price range or valuation references. The announcement states that the sellers in this transaction are all related parties of Jianfa International and Jianfa Properties, and in terms of equity, the ultimate controlling parent company of the Jianfa Group is the Jianfa Group.