On June 29, 000419.SZ announced that the company has reached an agreement with Hunan Admiralty Real Estate Investment Group Co., Ltd. ("Admiralty Real Estate"), Hunan Tongcheng Investment Co., Ltd. ("Tongcheng Investment" and "target company"), and Zhong Xunyong, the actual controller of Admiralty Real Estate, on the transfer of 100% equity interest of Tongcheng Investment to Admiralty Real Estate and signed the Equity transfer contract.

The company will transfer all the equity held by Tongcheng Investment to Admiralty at a price of 167.906819 million yuan. After the transfer, the company will no longer hold the equity of Tongcheng Investment. Admiralty Real Estate holds 100% equity of Tongcheng Investment, and Tongcheng Investment will no longer be included in the consolidated statement of the company.

Zhong Xunyong, the actual controller of Admiralty Real Estate, provides joint and several liability guarantee for the performance of contractual obligations of Admiralty Real Estate. The board of directors of the company authorizes the chairman to sign the relevant agreement documents for the equity transfer. The equity transfer does not constitute a related party transaction, nor does it constitute a major asset restructuring as stipulated in the measures for the Administration of Major Asset reorganization of listed companies.