Weifang Bincheng Investment & Development Co., Ltd. signed a share transfer agreement to acquire 29% stake in Gospell Digital Technology Co., Ltd. (SZSE:002848) from Shenzhen Gaoshi Weiye Venture Capital Co., Ltd. and Liu Tan’ai on August 30, 2020. Within 5 days after the lifting of restriction of sale of Liu Tan’ai stake in Gospell Digital Technology a supplementary agreement would be signed to deliver the shares. Weifang Bincheng Investment & Development Co., Ltd. will acquire 10.8 million shares and 37.6 million shares from Gaoshi Weiye and Liu Tan’ai respectively. As part of the transaction, within 3 working days after obtaining the share transfer confirmation issued by the Shenzhen Stock Exchange, Weifang Bincheng Investment & Development Co., Ltd. shall pay 40% of the consideration for the transfer of the subject matter, which is CNY 88 million. Within 3 working days from the date of transfer of the subject shares, Weifang Bincheng Investment & Development Co., Ltd. shall pay 60% of the consideration, which is CNY 132 million. During the transaction period if there is change in number of shares due to bonus shares, capitalization of capital reserves, split shares, allotment, then the transfer price is adjusted accordingly so the share transfer ratio and price remain unchanged. If any cash dividends are issued then the it would be deducted from the transfer price. Post deal completion, Weifang State-owned Asset Management and Supervision Committee will be the controlling shareholder of Gospell Digital Technology. On November 26, 2020, the transaction was approved by Weifang Bincheng Investment & Development Co., Ltd.