EmbedWay Technologies (Shanghai) Corporation (SHSE:603496) signed an agreement to acquire 42% stake in Beijing Qinmu Data Technology Co., Ltd. from Jiaxing Rongjiang No. 2 Venture Capital Partnership (Limited Partnership) and Tianjin Lingchuang Pulian Enterprise Management Consulting Partnership (Limited Partnership) for CNY 21 million on June 9, 2020. Jiaxing Rongjiang and Tianjin Lingchuang will transfer 30% stake and 12% stake in Beijing Qinmu Data respectively and will received CNY 15 million and CNY 6 million from the transaction. Payment will be done in 2 installments. Within 5 working days after the first-phase prerequisites agreed in the equity transfer agreement are satisfied, EmbedWay will pay a total of CNY 10.5 million to Jiaxing Rongjiang and Tianjin Lingchuang, within 5 working days after the second-phase prerequisites agreed in the equity transfer agreement are met in total, EmbedWay will pay CNY 10.5 million to Jiaxing Rongjiang and Tianjin Leading. In March 31, 2020, Beijing Qinmu Data Technology reported a total assets of CNY 15.6 million, total common equity of CNY 11.5 million, EBIT of CNY 0.72 million and net income of CNY 0.16 million. The deal was approved by the board of EmbedWay Technologies.