On June 24, Gelonhui announced that Shanghai Flyco Electrical Appliance (603868.SH) signed a Share Repurchase and Capital Reduction Agreement with Chunmi Technology (Shanghai) Co., Ltd and its shareholders on June 24, 2024. Chunmi Technology repurchased the registered capital of RMB 900,090 held by Flyco Electrical Appliance for RMB 30 million (corresponding to 1.4927% equity of Chunmi Technology before the capital reduction). After the repurchase, the company's equity held by shareholders will decrease from 14.1791% to 13.7945%.

According to the agreement, Chunmi Technology's total share capital was reduced to 55,456,336 shares, or registered capital of RMB 55,456,336. The shareholders of Chunmi Technology, Ningbo Dinghui Fudi Equity Investment Partnership Enterprise (Limited Partnership), Zhuhai Light Control Zhongying Industrial Investment Fund Partnership Enterprise (Limited Partnership), Shihezi Shangshi Growth Equity Investment Partnership Enterprise (Limited Partnership), Ningbo Meishan Bonded Port Area Zhongka Investment Management Partnership Enterprise (Limited Partnership) and Flyco Electrical Appliance (collectively referred to as the "reducing party") respectively reduced their registered capital and received repurchase funds; GGV (Chunmi) Limited and CITY-SCAPE PTE. LTD., withdrew their investment in the joint venture company through this repurchase and capital reduction and are no longer shareholders of Chunmi Technology. All parties agreed that this capital reduction was a targeted reduction for the reducing party, namely, this capital reduction only reduces the subscribed registered capital of the reducing party, and the subscribed registered capital of other shareholders of Chunmi Technology remains unchanged.

Chunmi Technology repurchased the registered capital of RMB 900,090 held by the company for RMB 30 million, corresponding to a total valuation of RMB 2,009,799,020 for Chunmi Technology.