Item 8.01 Other Events.
On September 30, 2019, China VTV Limited (the "Company"), Constellation Moshan
Film and Television Media Company Limited, a PRC movie and entertainment company
("Constellation"), and Mr. Xiao Du, a shareholder of Constellation, entered into
a binding memorandum of understanding of share exchange and merger (the "Binding
MOU"), pursuant to which the Company intended to acquire the controlling portion
of Constellation's outstanding equity. However, due to certain Chinese
restrictions, the Company has realized it impractical to acquire the control
stake of Constellation in accordance with the Binding MOU.
On May 15, 2020, the Company, Constellation and Xiao Du entered into a
termination agreement (the "Termination Agreement") to mutually terminate the
Binding MOU. Pursuant to the Termination Agreement, each party was released from
performing under the Binding MOU and acknowledged and agreed that there was no
outstanding dispute or obligation to return any asset pursuant to the Binding
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