Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. (SZSE:002555) agreed to acquire 49% shares in Jiangsu Zhiming Network Technology Co., Ltd from Hu Yuhang for approximately CNY 250 million on July 31, 2016. Wuhu Shunrong will pay CNY 89.2 million in cash and CNY 165.6 million by issuing share. In related deals, Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. (SZSE:002555) agreed to acquire 68.43% shares in Shanghai Mokun Digital for CNY 1.1 billion and Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. (SZSE:002555) agreed to acquire China Wit Media for CNY 1.2 billion. Wuhu Shunrong will raise CNY 511 million through issuance of shares to not more than 10 investors to fund the transaction. For the year ended December 31, 2015 Jiangsu Zhiming Network Technology Co., Ltd reported total revenues of CNY 275.3 million, total assets of CNY 243.6 million, net income of CNY 0.99 million and net assets of CNY 10.95 million. The transaction is subject to approval from the China Securities Regulatory Commission. On July 31, 2016 shareholders of Jiangsu Zhiming Network Technology and Board of Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. approved the transaction. On August 18, 2016, the shareholders of Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. approved the transaction. Merger, Acquisition, and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission in its 8th work meeting of 2017 approved the transaction on February 23, 2017. China Securities Regulatory Commission approved the transaction on April 21, 2017. It also approved for China Securities Regulatory Commission to issue not more than 26.3 million new shares via private placement. As on July 13, 2017, Wuhu Shunrong Sanqi Interactive Entertainment Network Technology reported that it will issue 17.9 million at an issue price of CNY 25.52 to raise a gross proceed of CNY 455.96 million to fund all the transaction. Pan-China Certified Public Accountants acted as financial advisor, Tian Yuan Law Firm acted as legal advisor and Pan-China Certified Public Accountants LLP acted as an accountant for Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. As on July 13, 2017, Tian Yuan Law Firm was replaced with An Xin Law Firm which acted as legal advisor for Wuhu Shunrong Sanqi Interactive Entertainment Network Technology. Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. (SZSE:002555) completed the acquisition of 49% shares in Jiangsu Zhiming Network Technology Co., Ltd from Hu Yuhang on May 9, 2017. Post transaction, Wuhu Shunrong Sanqi Interactive Entertainment Network Technology holds 100% stake in Jiangsu Zhiming Network Technology.