On October 26, 2021, 688488.SH the Company received the "Notification Letter on the Progress of the Shareholding Reduction Plan" from the Company's shareholder Jiangsu Yida M&A Growth Equity Investment Fund (Limited Partnership) (hereinafter referred to as "M&A Growth") and its co-actors Jiangsu Gaotou Xinhai Venture Capital Co., Ltd. (hereinafter referred to as "Gaotou Xinhai") and Jiangsu Talent Innovation and Entrepreneurship Investment Partnership (Limited Partnership) (hereinafter referred to as the "Talent Fund"). A total of 4.2 million shares were reduced, or 1.0000% of the shares were reduced.