Beijing Fuyi Xingda Cultural Development Co., Ltd. signed an agreement to acquire Beijing Century Partner Culture & Media Inc. from Beijing Jingxi Culture & Tourism Co.,Ltd (SZSE:000802) for CNY 48 million on April 28, 2020. As reported, payment will be done in 2 installments, a first installment of CNY 25 million payable within 5 days since signing of the agreement and a second installment of CNY 23 million payable before December 31, 2020. As at December 31, 2019, Beijing Century Partner Culture & Media reported total assets of CNY 608.2 million and net assets of CNY 47.7 million while operating revenue of CNY 515.1 million and net loss of CNY 630.3 million were reported for the year ended December 31, 2019. There is no need for approval from the shareholders’ meeting of Beijing Jingxi Culture & Tourism Co.,Ltd. The transaction was approved by the 27th meeting of the 7th directorate of Beijing Jingxi Culture & Tourism Co.,Ltd on April 28, 2020.