Guangzhou Radio Group Co., Ltd. cancelled the acquisition of 80.59% stake in Guangzhou Haige Intelligent Technology Co., Ltd from Guangzhou Haige Communications Group Incorporated Company.

Guangzhou Radio Group Co., Ltd. agreed to acquire 80.59% stake in Guangzhou Haige Intelligent Technology Co., Ltd from Guangzhou Haige Communications Group Incorporated Company (SZSE:002465) for CNY 27.4 million on December 8, 2017. As of December 31, 2016, Guangzhou Haige Intelligent Technology Co., Ltd. had total assets of CNY 55.6 million and net assets of CNY 34.2 million. For the year 2016, Guangzhou Haige Intelligent Technology Co., Ltd. had revenues of CNY 61.5 million and net profit of CNY 2.7 million. The Board of Guangzhou Haige Communications Group Incorporated Company approved the transaction in its 4th directorate’s 23rd meeting on December 8, 2017. The transaction does not require approval from the shareholders of Guangzhou Haige Communications Group Incorporated Company. Guangzhou Radio Group Co., Ltd. cancelled the acquisition of 80.59% stake in Guangzhou Haige Intelligent Technology Co., Ltd from Guangzhou Haige Communications Group Incorporated Company (SZSE:002465) on December 8, 2018.