Suqian Jiashi Information Technology Co., Ltd. entered into an equity transfer agreement to acquire additional 44% stake in Beijing Jingdixin Technology Co., Ltd. from Beijing Digital Telecom Co., Ltd. (SEHK:6188) for CNY 176 million on September 23, 2022. Beijing Jingdixin Technology had reported revenue of CNY 4,528.79 million in December 31, 2021. As per terms of agreement, Suqian Jiashi Information Technology will pay the consideration amount to Beijing Digital Telecom within ten working days after the date of completion.

The deal should be approved by board and shareholders of Beijing Jingdixin Technology. Beijing Jingdixin Technology will sign labour contract termination agreement with relevant personnel. The internal decision-making body of Suqian Jiashi Information Technology need to pass the resolutions to approve the transaction documents and the disposal.

The internal decision-making body of Beijing Digital Telecom need to pass resolutions to approve the transaction documents and disposal. Upon Completion, Suqian Jiashi Information Technology will hold 95% stake and Beijing Digital Telecom will hold 5% stake in Beijing Jingdixin Technology. The deal is expected to be completed in 2023.