Ourpalm Co., Ltd. (SZSE:300315) agreed to acquire remaining 20% stake in Beijing Tianma Shikong Network Technology Co., Ltd. from Shanghai Kingnet Technology Co., Ltd. for CNY 250 million on December 18, 2018. The consideration payable is CNY 300 million and includes Shanghai Kingnet Technology Co., Ltd.’s CNY 50 million profit distribution for the undistributed profit as of July 31, 2018 in Beijing Tianma Shikong Network Technology Co., Ltd. from the time of the appraisal base date to the date of signing this agreement. As on April 7, 2020, due to disputes between Shanghai Kingnet and Ourpalm Co., Ltd.’s subsidiary, Ourpalm was not able to pay the consideration of the fourth installment of the transaction amount of CNY 50 million. Shanghai Kingnet will subsequently continue to actively negotiate the fourth installment transaction consideration payment matters with Ourpalm. Ourpalm has paid CNY 200 million. Upon completion, Ourpalm Co., Ltd. will hold 100% stake in Beijing Tianma Shikong Network Technology. For the year ended December 31, 2017, Beijing Tianma Shikong Network Technology reported revenue of CNY 401.9 million, total assets of CNY 654.9 million, owners’ equity of CNY 462.8 million. The transaction does not require approval from the shareholder of Kingnet Network. The transaction has been approved by Kingnet Network parent of Shanghai Kingnet Technology Co., Ltd. at 39th interim session of the 3rd Directorate meeting. Board of directors have received all the transaction amount on June 29, 2020. Ourpalm Co., Ltd. (SZSE:300315) completed the acquisition of remaining 20% stake in Beijing Tianma Shikong Network Technology Co., Ltd. from Shanghai Kingnet Technology Co., Ltd. on June 29, 2020.