Shantou Fengdi Real Estate Development Co., Ltd signed an agreement to acquire 30% stake in Guangdong Bao’ao Modern Logistics Investment Co., Ltd. from Guangdong Alpha Animation and Culture Co., Ltd. (SZSE:002292) for approximately CNY 120 million on June 2, 2015. Guangdong Bao’ao Modern Logistics Investment Co., Ltd reported total assets of CNY 526.71 million, total liabilities of CNY 479.29 million, total owners’ equity of CNY 47.42 million, NIL revenues, operating loss of CNY 23.12 million and net loss of CNY 23.24 million in 2014. The transaction is subject to approval of shareholders of Guangdong Alpha Animation and Culture. A meeting of shareholders will be held on June 23, 2015 to approve the transaction. The transaction does not need approval of government authorities. The transaction was approved by Board of Directors of Guangdong Alpha Animation and Culture Co., Ltd. on June 2, 2015. As of June 23, 2015, the transaction was approved by shareholders of Guangdong Alpha Animation and Culture. Shantou Fengdi Real Estate Development Co., Ltd cancelled the acquisition of 30% stake in Guangdong Bao’ao Modern Logistics Investment Co., Ltd. from Guangdong Alpha Animation and Culture Co., Ltd. (SZSE:002292) on June 2, 2016.