Hangzhou Zhaoxiang Network Technology Co., Ltd. and others won a bid to acquire 11.88% stake in Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. (SZSE:300025) on December 13, 2021. Under the terms, 50,901,030 shares will be acquired by Hangzhou Zhaoxiang Network Technology Co., Ltd. and others. Zhaoxiang Network Technology Co., Ltd. won the bid for the 30,000,000 shares in the Hangzhou Huaxing.

Fanyin Technology Co., Ltd. already completed the transfer of the 40 million shares in the Hangzhou Huaxing to Hangzhou Zhaoxiang and others. The transfer for the 10,901,030 shares in the Hangzhou Huaxing bought by another buyer has not yet been completed.