Great Wall Movie and Television Co., Ltd. (SZSE:002071) agreed to acquire 83.34% stake in Zibo Xinqi Great Wall Movie and Television City Co., Ltd. from Great Wall Movie and Television Cultural Enterprise Group Limited for approximately CNY 160 million on December 7, 2017. Great Wall Movie and Television Co., Ltd. will use cash to pay the consideration. As of December 31, 2016, Zibo Xinqi Great Wall Movie and Television City Co., Ltd. had total assets of CNY 133 million and total equity of CNY 120 million. For the year 2016, Zibo Xinqi Great Wall Movie and Television City Co., Ltd. had revenues of CNY 6.6 million, operating profit of CNY 0.49 million and net profit of CNY 0.42 million. The 16th session of Great Wall Movie and Television Co., Ltd.’s 6th Directorate and Great Wall Movie and Television Co., Ltd.'s 6th special shareholders’ meeting for 2017 approved the transaction. Great Wall Movie and Television Co., Ltd. will hold the 6th Extraordinary General Meeting of 2017 on December 25, 2017. The shareholders of Great Wall Movie and Television Co., Ltd. approved the transaction on December 25, 2017.