Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd agreed to acquire a 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. for approximately CNY 310 million.

Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd signed a letter of intent to acquire a 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. for approximately CNY 310 million on November 11, 2022. As of November 25, 2022, Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd enter into an agreement to acquire a 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd shall pay the transferor the first installment of the equity transfer payment, which is 80% of the total price and second phase of the equity transfer payment before June 30, 2023, and the amount is 20% of the total equity transfer price. The board of director of QingHai HuaDing Industrial CO.,LTD have approved the transaction.

As of year ended 2021, Guangzhou Ruifeng Culture Communication Co., Ltd reported revenue of CNY 260.0956 million, total assets of CNY 279.47 million, total common equity of CNY 115.11 million and net income of CNY 440.07 million. As of December 15, 2022, the transaction is approved shareholders of QingHai HuaDing Industrial CO.,LTD.