Yang Zhenhua and Sheng Wenlei signed an agreement to acquire an additional 11.7% stake in Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) from Fenghe Pushi Investment Management Co., Ltd for CNY 1.6 billion on April 24, 2016. Yang Zhenhua is the actual controller, Director and General Manager of Shanghai New Culture Media Group and Sheng Wenlei is the Director, Vice General Manager, Chief Financial Officer and Secretary of the Board of Shanghai New Culture Media Group. Yang Zhenhua and Sheng Wenlei will acquire 27 million shares and 35.6 million shares respectively at CNY 25.11 per share.

After the transaction, Xinyu Fenghe Pushi Investment Management Co., Ltd. will hold 56.18 million shares, Yang Zhenhua will hold 27 million shares and Sheng Wenlei will hold 38.08 million shares of Shanghai New Culture Media Group.