Ningbo Hongyi Equity Investment Partnership (Limited Partnership) agreed to acquire Shanghai Hongli Equity Investment Co., Ltd. from Huawen Media Group (SZSE:000793) for approximately CNY 580 million on August 26, 2021. The consideration will be paid in tranches. Shanghai Hongli Equity Investment Co., Ltd. reported total assets of CNY 629 million and net assets of CNY 610.63 million as of May 31, 2021. The transaction is approved by the Board of Huawen Media Group. On September 30, 2021, the registration modification procedures for the transfer were completed.