On April 23, Xiamen Hongfa Acoustics Co., Ltd. formally signed an equity transfer agreement with Xiamen Chengzhi Investment Co., Ltd., and officially became one of the three largest shareholders of our company with its 32% shares. We all know that Xiamen Hongfa has decades of experience in relay R&D and manufacturing. It is a leading enterprise in China's relay industry and one of the world's major relay manufacturers. The quality and craftsmanship of the relay products produced by our company are in line with Hongfa's product requirements, so the two parties have maintained a friendly strategic partnership for a long time. Nowadays, after Xiamen Hongfa became a shareholder of our company, we have risen from a close partner in the past to a subsidiary company. This provides a broader platform for further business cooperation between the two parties, and also a way to enhance our company's comprehensive strength and core competitiveness. A good opportunity to achieve a win-win strategy for both parties.
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