On November 15, 2019, Qi, Generation Gospel, Fairy Spirit, Yu, Garden Enterprises, and Beta Dynamic Limited, an affiliate of Hammer Capital Private Investments Limited (collectively, the Original Consortium) jointly submitted a preliminary, non-binding letter (the Proposal) to the Board of Directors of Gridsum Holding Inc. related to the proposed acquisition of all of the Ordinary Shares not beneficially owned by the Original Consortium for US$3.80 in cash per ADS, or US$3.80 in cash per Ordinary Share.