Zhang Yusong agreed to acquire 80% stake in Suzhou Soyuan Information Technology Co., Ltd. from BizConf Telecom Co.,Ltd. (SZSE:300578) for CNY 1 on January 30, 2024. The consideration consists of CNY 1 in cash. As part of the consideration, CNY 1 was paid towards common equity.

Suzhou Soyuan reported total assets of CNY 10.3 million, net liabilities of CNY 12.3 million, operating income of CNY 1.2 million and net loss of CNY 14.1 million for the period ending December 31, 2023. The transaction was approved by the Board of Directors of BizConf Telecom. Completion is subject to approval of shareholders of BizConf Telecom.