MIG Unmobi Technology Inc. (SZSE:300242) agreed to acquire remaining 90% stake in Wuxi Online and Offline Network Technology Co., Ltd from Zhangshu Rongyu Investment Management Center (Limited Partnership), Wang Kun and Men Qingjuan for approximately CNY 400 million on July 29, 2016. MIG Unmobi Technology will acquire 37.80% from Wang Kun, 36% from Zhangshu Rongyu Investment Management Center (Limited Partnership) and 16.20% from Men Qingjuan. MIG Unmobi Technology will offer its share and cash to acquire 90% stake in Wuxi Online and Offline. Pursuant to the transaction, Wuxi Online and Offline Network will be wholly owned by MIG Unmobi Technology Inc. In a related transaction, MIG Unmobi Technology Inc. (SZSE:300242) agreed to acquire remaining 86.5% stake in Xiaozi Tech for approximately CNY 610 million on August 1, 2016.

On July 29, 2016 the shareholders and Board of Directors of Wuxi Online and Offline Network Technology Co., Ltd approved the transaction. The transaction needs to be approved by the shareholders of MIG Unmobi Technology and CSRC. As of December 31, 2015 Wuxi Online and Offline Network Technology Co., Ltd. reported total assets of CNY 57.22 million, total owners equity of CNY 27.31 million, revenue of CNY 83.16 million and net profit of CNY 15.87 million. Citi Orient Securities Co., Ltd. acted as Financial Advisor, Grandway Law Offices acted as Legal Advisor and GP Certified Public Accountants Co Ltd acted as Accountant to MIG Unmobi Technology.