Chen Ying’ao signed a share transfer agreement to acquire 5% stake in Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) from Shanghai QuFeng International Trade Co., Ltd. for approximately CNY 210 million on February 26, 2020. Under the terms of transaction, Chen Ying’ao will acquire 40.3 million shares at CNY 5.32 each. Upon completion, Chen Ying’ao will hold 5% stake and Shanghai QuFeng International Trade Co., Ltd. will hold 5.5% stake in Shanghai New Culture Media Group Co., Ltd. Chen Ying’ao completed the acquisition of 5% stake in Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) from Shanghai QuFeng International Trade Co., Ltd. on March 24, 2020.