Beijing Sinnet Technology Co., Ltd (SZSE:300383) agreed to acquire Beijing Dexin Zhiyuan Technology Co., Ltd. from Techfaith Wireless Communication Technology (hangzhou) Ltd for CNY 140 million on June 3, 2015. On July 17, 2015, Beijing Sinnet Technology signed the share acquisition agreement with TechFaith Wireless (Hangzhou). Beijing Sinnet Technology will acquire the stake for not more than CNY 140 million.

The transaction was approved by Board of Directors of Beijing Sinnet Technology on June 3, 2015.