Mininglamp Technology Group Limited entered into a securities purchase agreement to acquire to acquire 3.9% stake in Gridsum Holding Inc. (NasdaqGS:GSUM) from Yao Wei for $1 million on May 25, 2020. As reported, Mininglamp Technology Group agreed to buy 1.36 million ADSs (representing 11.36 million Class B Ordinary Shares) in Gridsum Holding at a price of $0.75 per share. Mininglamp Technology Group Limited used the working capital of its parent Leading Smart Holdings Limited to acquire the shares. The closing is conditional upon the representations and warranties of Yao Wei and Mininglamp Technology contained in agreement shall have been true and correct on the date hereof and as of the closing date, Yao Wei and Mininglamp Technology shall have performed and complied with all, and not be in breach or default in any material respects under any agreements, covenants, conditions and obligations contained in the agreement that are required to be performed or complied with on or before the closing date and all corporate and other actions required to be taken by Yao Wei and Mininglamp Technology in connection with the sale of the shares shall have been completed. Mininglamp Technology Group Limited completed the acquisition of 3.9% stake in Gridsum Holding Inc. (NasdaqGS:GSUM) from Yao Wei on May 29, 2020.