Dayou AP Co.,Ltd. (KOSDAQ:A290120) signed an agreement to acquire Beijing Dayou Di'anxi Qiche Bujian Co., Ltd. from Dayou A-Tech Co.,Ltd (KOSE:A002880) and other shareholders for CNY 58.9 million on May 22, 2020. The consideration will be paid in cash. KRW 6 billion was paid as a deposit on May 22, 2020, the date of the transfer agreement.

The balance will be paid on June 8, 2020, according to the agreement of the buyer and seller. Beijing Dayou Di'anxi Qiche Bujian reported revenue of KRW 15.3 billion (CNY 92.3 million), total assets of KRW 16.2 billion ( CNY 97.6 million), net income of KRW 383 million (CNY 2.3 million) and net assets of KRW 12.05 billion (CNY 72.6 million). Transaction has been expected to close on May 22, 2020.