Gongqingcheng Yuyi Investment Management Partnership Enterprise (Limited Partnership) agreed to acquire 6.4% stake in Shanghai Yingyi Culture Dissemination Co., Ltd. from Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) for CNY 48 million on May 5, 2017. After the completion of the transaction, Shanghai New Culture Media Group Co., Ltd. will hold 6.14% stake. Shanghai Yingyi Culture Dissemination Co., Ltd. reported total assets of CNY 340.62 million and net assets of CNY 141.26 million as at December 31, 2016. Shanghai Yingyi Culture Dissemination Co., Ltd. reported revenues of CNY 210.3 million, operating profit of CNY 69.44 million and net profit of CNY 51.84 million in 2016. The transaction has been approved by the Board of Shanghai New Culture Media Group Co., Ltd. and does not require any shareholders approval.