Xiaomang E-Commerce Co., Ltd. announced that it has entered into capital increase agreement for gross proceeds of CNY 286 million on April 21, 2022. The transaction will included participation from newinvestor Mango Excellent Media Co., Ltd. which will acquire 33.33% stake in the company As part of transaction, the indirect shareholding of the controlling shareholder Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd. will be reduced from 100% to 66.67%. The transaction has been approved at the the 8th meeting of the 4th Board of Directors and the 7th meeting of the 4th Board of Supervisors of shareholder and still needs to be approved by the company's general meeting of shareholders.