On March 25, 2019, Foshan Lanhai Ruixing Equity Investment Partnership (Limited Partnership, hereinafter referred to as "Lanhai Ruixing"), whose de facto controller is Foshan City Nanhai District Public Asset Management Office, successfully completed the registration procedures for the transfer of the controlling shareholder's shares in Tianyin Electromechanical Co., Ltd. ("Tianyin", stock code: 300342) at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. Upon completion of this share transfer transaction, Lanhai Ruixing directly held 28.5225% equity of Tianyin, thus became the company's controlling shareholder. Tianyin's de facto controller also changed to Foshan City Nanhai District Public Asset Management Office. Senior Partner Zhao Chaopeng (Hangzhou) led a team that advised Tianyin's former controlling shareholder Changshu Tianheng Investment Management Co., Ltd. and the original de facto controllers Mr. Zhao Xiaodong and Mr. Zhao Yunwen on matters related to finance, legal advisory and the acquisition.

Tianyin is a listed company on the SME Board of the Shenzhen Stock Exchange. It is mainly engaged in the development of refrigerators and household appliances parts, as well as refrigeration equipment. The introduction of state-owned capital will help bring in more strategic and business resources and accelerate the company's strategic layout.