Qingdao Haoji Asset Management Co., Ltd. entered into an agreement to acquire 51% stake in Qingdao Zhenhua Digital Media Co., Ltd. from Beijing Tensyn Digital Marketing Technology Joint Stock Company (SZSE:300392) for CNY 5.1 million on December 7, 2020. The consideration is to be paid in cash within seven days after the completion of the change in the industrial and commercial registration procedures for the equity transfer. As of December 31, 2019, Qingdao Zhenhua Digital Media Co., Ltd. reported operating revenue of CNY 114.5 million, operating loss of CNY 1.31 million and total assets of CNY 226.4 million. The transaction was approved by second extraordinary meeting of the fourth board of directors and the fifth meeting of the fourth board of supervisors on December 7, 2020.