Gelonghui September 12 | Lao Fengxiang issued an announcement giving up the preemptive right to purchase some non-state-owned shares of Shanghai Lao Fengxiang Co., Ltd., a holding subsidiary. Oriental Pearl New Media Co., Ltd. purchased 2.44% of the target company held by the transferor with 498 million yuan in cash. The transferor is the central-local integration (Shanghai) Arts and Crafts Equity Investment Center (limited partnership). According to the announcement, the target company confirms that since the delivery date, the transferee has the right to share the profits, dividends, risks and losses of the target company since January 1, 2023 in accordance with the law.