Beijing Yuanlong Yato Culture Dissemination Co.,Ltd. (SZSE:002878) signed LOI to acquire an additional 40% stake in Shanghai Qianma Network Science and Technology Co., Ltd. from Shanghai Jiaheng Business Consulting Co., Ltd., Shanghai Yaoqiang Human Resources Technology Co., Ltd. and Shanghai Hongshiliu Education Technology Co., Ltd. for approximately CNY 360 million on April 27, 2021. As per terms of transaction, Shanghai Yaoqiang Human Resources Technology Co., Ltd. will sell 16.355% for CNY 96.74 million in share and CNY 52.09 million in cash, Shanghai Hongshiliu Education Technology Co., Ltd. will sell 8.645% for CNY 51.14 million in share and CNY 27.53 million in cash and Shanghai Jiaheng Business Consulting Co., Ltd. will sell 15% stake for CNY 88.73 million in share and CNY 47.78 million in cash in Shanghai Qianma Network Science and Technology Co., Ltd. Beijing Yuanlong Yato Culture Dissemination Co.,Ltd. will pay CNY 236.60 million in shares and CNY 127.40 million in cash. The issue price for this asset acquisition is CNY 19.39 million per share. The issue price for this acquisition is CNY 19.39 million per share. Within 10 working days after the receipt of the supporting funds, Beijing Yuanlong Yato Culture Dissemination Co.,Ltd. will make a one time payment of the cash consideration to the designated account of the counter parties. Post completion, Beijing Yuanlong Yato Culture Dissemination Co.,Ltd. will hold 100% stake in Shanghai Qianma Network Science and Technology Co., Ltd. The shares subscribed in this raising of supporting funds will be used for funding this transaction.

The transaction was approved by the board of director of Beijing Yuanlong Yato Culture Dissemination Co.,Ltd. on the 27th session of the company's 3rd directorate held on April 30, 2021. The transaction was approved by the shareholder of Shanghai Qianma Network Science and Technology Co., Ltd., Shanghai Jiaheng Business Consulting Co., Ltd., Shanghai Yaoqiang Human Resources Technology Co., Ltd., Shanghai Hongshiliu Education Technology Co., Ltd. on the shareholder meeting held on April 30, 2021. This transaction still needs to be approved by Beijing Yuanlong Yato Culture Dissemination Co.,Ltd's shareholders and CSRC. Kaiyuan Securities Co., Ltd. acted as a financial advisor, Zhong Lun Law Firm acted as a legal advisor and Grant Thornton China acted as an accountant to Beijing Yuanlong Yato Culture Dissemination Co.,Ltd.

ng Yuanlong Yato Culture Dissemination Co.,Ltd. (SZSE:002878) completed the acquisition of an additional 40% stake in Shanghai Qianma Network Science and Technology Co., Ltd. from Shanghai Jiaheng Business Consulting Co., Ltd., Shanghai Yaoqiang Human Resources Technology Co., Ltd. and Shanghai Hongshiliu Education Technology Co., Ltd. on June 7, 2022.