Haiyan Huang, Feng Zhi and Yinglu Gao entered into a non binding letter of agreement to acquire Anyi Network Inc. from AGM Group Holdings Inc. (NasdaqCM:AGMH) for $7.4 million on November 10, 2020. Haiyan Huang, Feng Zhi and Yinglu Gao will pay $0.4 million and cancel 0.475 million ordinary shares held of AGM Group Holdings Inc. All the parties entered into a share purchase agreement on December 14, 2020. As of June 30, 2020, Anyi Network Inc. reported total assets of $0.92 million and net assets of $0.61 million. The transaction is subject to approval of offer from the board and shareholders of AGM Group Holdings Inc. On November 10, 2020 the board of directors of AGM Group Holdings Inc. approved the transaction. On December 9, 2020, the shareholders of AGM Group Holdings Inc. approved the transaction.