Fujian Zitian Media Technology Co., Ltd. (SZSE : 300280) to acquire Shenzhen Wandoujianjian Network Technology Co., Ltd. from Xing Wenhua and Liu Jie for CNY 2 billion on June 8, 2022. In this transaction, Xing Wenhua will sell 60% stake and Liu Jie will sell 40% stake in Shenzhen Wandoujianjian Network. Fujian Zitian Media plans to issue new shares to raise cash for the transaction.

Proceeds from the transaction will be used for Transaction taxes and fees, Supplement the Fujian Zitian Media Technology's working capital As on December 9, 2022, The total supporting funds will not exceed CNY 750 million. The agreement has signed on June 20, 2022. The board of Fujian Zitian Media Technology has approved the deal on June 20, 2022.

The transaction has approved in 4th directorate of Fujian Zitian Media Technology held on December 8, 2022. The shareholders of Shenzhen Wandoujianjian has approved the transaction on June 19, 2022. As on January 8, 2023, Transaction has been approved by Fujian Zitian Media Technology's board.

Shenzhen Wandoujianjian Network has reported total assets of CNY 171.5976 million and Owner's equity of CNY 111.7821 million on December 31, 2021.Ren Meiji, Wang Junyao and Yang Sheng of Chuancai Securities Co., Ltd. acted as financial advisor, Zhao Jing and Yang Lijie of China Commercial Law Firm acted as legal advisor and Aodu Jiya and Li Tiantian of Moore Stephens Da Hua acted as accountant to Fujian Zitian Media Technology.