Hainan Xinhua Bookstore Group Co., Ltd. agreed to acquire a 51% stake in Hainan Fenghuang Xinhua Issue Co., Ltd. from Jiangsu Phoenix Publishing & Media Corporation Limited (SHSE:601928) for approximately CNY 650 million on December 30, 2020. As of the signing date, Hainan Xinhua paid a deposit of CNY 64.7 million of which CNY 0.41 million will be paid to the transaction service fee and the remaining CNY 64.3 million will be automatically transferred to the target equity transfer price. Within ten working days from the effective date of this contract, the transferee shall remit the CNY 582 million to the bank account of Jiangsu Cultural Property Exchange in one time or in installments. The transaction was approved by the Board of Directors of Jiangsu Phoenix. Ernst & Young (China) Advisory Limited acted as due diligence provider, financial advisor, and legal advisor to Hainan Xinhua Bookstore Group Co., Ltd.