Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥25.41, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 33x in the Auto Components industry in China. Total returns to shareholders of 35% over the past three years. Announcement • Jun 30
Fuxin Dare Automotive Parts Co., Ltd. to Report First Half, 2026 Results on Aug 28, 2026 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report first half, 2026 results on Aug 28, 2026 Buy Or Sell Opportunity • Jun 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to CN¥33.01. The fair value is estimated to be CN¥41.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥37.55, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 40x in the Auto Components industry in China. Total returns to shareholders of 123% over the past three years. Buy Or Sell Opportunity • May 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.7% to CN¥31.96. The fair value is estimated to be CN¥41.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: CN¥0.27 (vs CN¥0.15 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.27 (up from CN¥0.15 in 1Q 2025). Revenue: CN¥1.29b (up 5.6% from 1Q 2025). Net income: CN¥46.8m (up 106% from 1Q 2025). Profit margin: 3.6% (up from 1.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 135% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 28, 2026 Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 28, 2026, at 14:30 China Standard Time. Location: No. 59, Kaifa Auenue, Xihe District, Fuxin, Liaoning China Announcement • Mar 31
Fuxin Dare Automotive Parts Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥30.98, the stock trades at a trailing P/E ratio of 61.1x. Average trailing P/E is 38x in the Auto Components industry in China. Total returns to shareholders of 70% over the past three years. Announcement • Dec 31
Fuxin Dare Automotive Parts Co., Ltd. to Report Fiscal Year 2025 Results on Apr 29, 2026 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report fiscal year 2025 results on Apr 29, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.19 (vs CN¥0.039 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.19 (up from CN¥0.039 in 3Q 2024). Revenue: CN¥1.20b (up 9.7% from 3Q 2024). Net income: CN¥28.4m (up 385% from 3Q 2024). Profit margin: 2.4% (up from 0.5% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Fuxin Dare Automotive Parts Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Buy Or Sell Opportunity • Sep 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.4% to CN¥34.15. The fair value is estimated to be CN¥28.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 50%. Announcement • Jul 02
Fuxin Dare Automotive Parts Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Reported Earnings • Apr 24
Full year 2024 earnings released: EPS: CN¥0.22 (vs CN¥0.09 in FY 2023) Full year 2024 results: EPS: CN¥0.22 (up from CN¥0.09 in FY 2023). Revenue: CN¥4.51b (up 5.0% from FY 2023). Net income: CN¥32.4m (up 152% from FY 2023). Profit margin: 0.7% (up from 0.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 22% per year. Announcement • Apr 23
Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 22, 2025 Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 22, 2025, at 14:30 China Standard Time. Location: No. 59, Kaifa Auenue, Xihe District, Fuxin, Liaoning China Announcement • Mar 31
Fuxin Dare Automotive Parts Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 31
Fuxin Dare Automotive Parts Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Announcement • Nov 20
Fuxin Dare Automotive Parts Co., Ltd. announced a financing transaction Fuxin Dare Automotive Parts Co., Ltd. announced a private placement to issue common shares on November 19, 2024. The transaction will include participation from not more than 35 specific objects. The transaction has been approved 38th meeting of the fourth board of directors of the listed company, 19th meeting of the fourth board of supervisors of the listed company and is subject to shareholders' meeting of the listed company, requires approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission. The shares of the listed company subscribed by the subscribers of the supporting funds raised this time shall be 6 months from the date of the end of the issuance of such shares is non-transferable. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.039 (vs CN¥0.033 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.039 (up from CN¥0.033 in 3Q 2023). Revenue: CN¥1.10b (up 3.1% from 3Q 2023). Net income: CN¥5.85m (up 16% from 3Q 2023). Profit margin: 0.5% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 29
Now 22% undervalued Over the last 90 days, the stock has risen 51% to CN¥21.63. The fair value is estimated to be CN¥27.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Sep 30
Fuxin Dare Automotive Parts Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 New Risk • Aug 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.081 (vs CN¥0.20 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.081 (down from CN¥0.20 in 2Q 2023). Revenue: CN¥1.23b (up 10% from 2Q 2023). Net income: CN¥12.2m (down 59% from 2Q 2023). Profit margin: 1.0% (down from 2.7% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Jun 29
Fuxin Dare Automotive Parts Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Buy Or Sell Opportunity • May 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to CN¥15.83. The fair value is estimated to be CN¥12.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Apr 28
Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 21, 2024 Fuxin Dare Automotive Parts Co., Ltd., Annual General Meeting, May 21, 2024, at 14:30 China Standard Time. Location: No. 59, Kaifa Auenue, Xihe District, Fuxin, Liaoning China Agenda: To consider the 2023 work report of the board of directors; to consider the 2023 annual report and its summary; to consider the 2023 work report of the supervisory committee; to consider the 2023 audit report; to consider the 2023 annual accounts report; to consider the 2023 profit distribution plan; to consider the Appointment of 2024 audit firm; to consider the 2023 remuneration for directors and senior management; and to consider other matters. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: CN¥0.04 (vs CN¥0.16 loss in 1Q 2023) First quarter 2024 results: EPS: CN¥0.04 (up from CN¥0.16 loss in 1Q 2023). Revenue: CN¥1.06b (up 1.0% from 1Q 2023). Net income: CN¥6.05m (up CN¥30.3m from 1Q 2023). Profit margin: 0.6% (up from net loss in 1Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Buy Or Sell Opportunity • Apr 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to CN¥14.53. The fair value is estimated to be CN¥19.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has declined by 49%. New Risk • Apr 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Announcement • Mar 30
Fuxin Dare Automotive Parts Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 New Risk • Mar 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Buy Or Sell Opportunity • Feb 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to CN¥14.70. The fair value is estimated to be CN¥18.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has declined by 49%. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 67% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Announcement • Dec 29
Fuxin Dare Automotive Parts Co., Ltd. to Report Fiscal Year 2023 Results on Apr 26, 2024 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report fiscal year 2023 results on Apr 26, 2024 New Risk • Nov 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 67% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.033 (vs CN¥0.094 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.033 (up from CN¥0.094 loss in 3Q 2022). Revenue: CN¥1.06b (up 5.0% from 3Q 2022). Net income: CN¥5.05m (up CN¥18.2m from 3Q 2022). Profit margin: 0.5% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.20 (vs CN¥0.24 loss in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.20 (up from CN¥0.24 loss in 2Q 2022). Revenue: CN¥1.11b (up 10% from 2Q 2022). Net income: CN¥30.2m (up CN¥61.9m from 2Q 2022). Profit margin: 2.7% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 28
Full year 2022 earnings released: CN¥6.54 loss per share (vs CN¥0.18 profit in FY 2021) Full year 2022 results: CN¥6.54 loss per share (down from CN¥0.18 profit in FY 2021). Revenue: CN¥4.04b (up 10% from FY 2021). Net loss: CN¥916.3m (down CN¥939.9m from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Fuxin Dare Automotive Parts Co., Ltd. announced that it has received CNY 249.999995 million in funding from Soochow Asset Management Co., Ltd., Caitong Fund Management Co., Ltd., South China Fund Management Limited On February 15, 2023, Fuxin Dare Automotive Parts Co., Ltd., closed the transaction. The transaction has been approved by China Securities Regulatory Commission. The total amount of funds raised this time is RMB 249,999,995.00. After deducting the issuance expenses of CNY 9,210,790.88 (excluding value-added tax), the actual net proceeds raised were CNY 240,789,204.12. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). General Manager and Director Guoqing Gao was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 27
Third quarter 2022 earnings released: CN¥0.094 loss per share (vs CN¥0.073 loss in 3Q 2021) Third quarter 2022 results: CN¥0.094 loss per share (further deteriorated from CN¥0.073 loss in 3Q 2021). Revenue: CN¥1.01b (up 22% from 3Q 2021). Net loss: CN¥13.1m (loss widened 34% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 25% per year. Reported Earnings • Aug 31
Second quarter 2022 earnings released: CN¥0.24 loss per share (vs CN¥0.12 profit in 2Q 2021) Second quarter 2022 results: CN¥0.24 loss per share (down from CN¥0.12 profit in 2Q 2021). Revenue: CN¥1.01b (up 5.8% from 2Q 2021). Net loss: CN¥31.7m (down 309% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Jun 22
Fuxin Dare Automotive Parts Co., Ltd. Implements Final Cash Dividend for 2021, Payable on 28 June 2022 Fuxin Dare Automotive Parts Co., Ltd. implemented final cash dividend per 10 shares (tax included) of CNY 0.50000000 for 2021. Record date is 27 June 2022. Ex-date is 28 June 2022. Payment date is 28 June 2022. Announcement • May 29
Fuxin Dare Automotive Parts Co., Ltd. announced that it expects to receive CNY 250 million in funding Fuxin Dare Automotive Parts Co., Ltd. announced a private placement of common shares for proceeds of up to CNY 250 million on May 27, 2022. Announcement • May 28
Fuxin Dare Automotive Parts Co., Ltd. Approves Cash Dividend for 2021 Fuxin Dare Automotive Parts Co., Ltd. announced at the AGM held on May 24, 2022 that the company approved Cash dividend/10 shares (tax included) of CNY 0.50000000 for 2021. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: CN¥0.026 (vs CN¥0.22 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.026 (down from CN¥0.22 in 1Q 2021). Revenue: CN¥897.9m (down 7.1% from 1Q 2021). Net income: CN¥3.47m (down 86% from 1Q 2021). Profit margin: 0.4% (down from 2.6% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 27
Third quarter 2021 earnings released: CN¥0.073 loss per share (vs CN¥0.10 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CN¥826.7m (down 13% from 3Q 2020). Net loss: CN¥9.79m (down 184% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.74 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥954.2m (up 63% from 2Q 2020). Net income: CN¥15.2m (up CN¥99.5m from 2Q 2020). Profit margin: 1.6% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
Fuxin Dare Automotive Parts Co., Ltd. Announces Cash Dividend for the Year 2020 Fuxin Dare Automotive Parts Co., Ltd. announced cash dividend/10 shares (tax included) is CNY 0.0000 for the year 2020. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS CN¥0.22 (vs CN¥0.12 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥966.8m (up 17% from 1Q 2020). Net income: CN¥25.0m (up 87% from 1Q 2020). Profit margin: 2.6% (up from 1.6% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 27
New 90-day low: CN¥17.62 The company is down 38% from its price of CN¥28.28 on 29 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day low: CN¥21.68 The company is down 23% from its price of CN¥28.24 on 09 October 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: CN¥23.16 The company is down 26% from its price of CN¥31.16 on 23 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: CN¥23.68 The company is down 20% from its price of CN¥29.51 on 04 September 2020. The Chinese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: CN¥26.93 The company is down 3.0% from its price of CN¥27.88 on 06 August 2020. The Chinese market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 7.0% over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of CN¥57.1m, with earnings decreasing by CN¥96.8m from the prior year. Total revenue was CN¥3.36b over the last 12 months, down 14% from the prior year. Announcement • Aug 11
Fuxin Dare Automotive Parts Co., Ltd. to Report First Half, 2020 Results on Aug 27, 2020 Fuxin Dare Automotive Parts Co., Ltd. announced that they will report first half, 2020 results on Aug 27, 2020 Announcement • Jul 17
Fuxin Dare Automotive Parts Co., Ltd. (SZSE:300473) partnership share transfer agreement to acquire an unknown minority stake in Liaoning Wancheng Enterprise Management Center (limited partnership) from Taicang Huifu No. 1 Investment Center (Limited Partnership) for CNY 75 million. Fuxin Dare Automotive Parts Co., Ltd. (SZSE:300473) partnership share transfer agreement to acquire an unknown minority stake in Liaoning Wancheng Enterprise Management Center (limited partnership) from Taicang Huifu No. 1 Investment Center (Limited Partnership) for CNY 75 million on July 7, 2020. At the same time, Directorate of Fuxin Dare Automotive Parts authorized its management personnel to acquire the remaining partnership share in Wancheng Enterprise held by Taicang Huifu No. 1 Investment Center (Limited Partnership) in 2020, and to sign the relevant agreement with Taicang Huifu No. 1 Investment Center (Limited Partnership). As on July 7, 2020, transaction was approved by the 34th session of the Fuxin Dare`s 3rd directorate. For the year ended 2019, Liaoning Wancheng Enterprise Management Center (limited partnership) reported revenue of CNY 2.840462 billion, Net profit of CNY 19.586121 million, Total assets of CNY 3.179634823 billion and Net assets of CNY 1.741216840 billion. 
