Guangzhou Hiway Capital Partners, Qianhai Runce Culture and Creative Partnership Enterprise (Limited Partnership) and Guangzhou Hupin Enterprise Management Consulting Partnership Enterprise signed an equity transfer agreement to acquire 50.8% stake in Guangzhou BlueArc Culture Communications Ltd from Beijing Enlight Media Co., Ltd. (SZSE:300251) for approximately CNY 240 million on December 12, 2016. Hiway Capital will acquire 38.8% for CNY 186 million, Qianhai Runce will acquire 10% stake for CNY 48 million and Guangzhou Hupin will acquire 2% stake for CNY 9.6 million. The buyers will pay CNY 73.15 million within 10 working days after the signing of the equity transfer agreement, CNY 158.5 million within 15 working days from the date of completion of the change in business registration and the remaining amount within 3 months from the date of signing of the equity transfer agreement. The existing shareholders have waived the right of first refusal. As of December 31, 2015, BlueArc Culture reported total assets of CNY 163.3 million, net assets of CNY 156.08 million, revenue of CNY 46.38 million, operating profit of CNY 22.46 million and net profit of CNY 24.9 million.