HORIZON CD (09930) has announced the completion of its acquisition of equity in Shanghai Hongzuo. As of March 31, 2026, all conditions precedent under the equity transfer agreement have been satisfied, rendering the agreement unconditionally effective. The acquisition has now been finalized. The company is providing shareholders and potential investors with further details regarding the original acquisition cost for the 25.6306% stake in the target company, as well as supplementary information concerning the other shareholders of the target company. Shanghai Hongzuo was established in 2017, with Shanghai Depeng as its founding shareholder. It is reported that the original cost for the 25.6306% stake in Shanghai Hongzuo held by Shanghai Depeng was RMB 45.283 million. As disclosed in the announcement, the consideration for the acquisition was determined through fair negotiations between the contracting parties, taking into account the assessed total equity value of Shanghai Hongzuo of RMB 264 million as of the valuation base date of December 31, 2025. The consideration also factored in the corresponding increase in shareholder equity resulting from the RMB 35 million in registered capital paid by shareholders between the valuation base date and the completion date, alongside the company's business performance, quality, and anticipated growth. As of the date of this announcement, HongShan Infrastructure Fund I, L.P. is an investment fund focused on new economy infrastructure investments. To the company's knowledge, it has a broad investor base, and none of its limited partners, all of whom are professional investors, hold more than 30% of the limited partnership interests.