Shenzhen Zqgame Co., Ltd (SZSE:300052) agreed to acquire Guangzhou Baoyun Information Technology Co., Ltd from Shenzhen Speed Top Network Technology Company Limited for approximately CNY 690 million on November 11, 2022. The Consideration will be paid in mode of cash and stock wherein 85% of the price will be paid by share issuance, 15% by cash payment. The payment of CNY 102.9 million will be paid in cash and 39.8 million shares by the way of share issuance and cash payment. Transaction will be funded with support of funds not exceeding CNY 550 million. As of September 30, 2022 Guangzhou Baoyun Information Technology Co., Ltd reported total assets and net asset which ia approximately CNY 520 million and approximately CNY 170 million respectively. The Transaction is subject to the approval of the Shenzhen Stock Exchange and CSRC. The transaction plan was already approved by the 29th session of the company?s 5th directorate and the 21st session of the company?s 5th supervisory board and was already approved in principle by the company?s holding shareholder and its party acting in concert. The transaction report was approved by the 33rd session of the Shenzhen Zqgame Co., Ltd directorate and Guangzhou Baoyun shareholders on May 9, 2023.ZTF Securities Co., Ltd. acted as Financial advisor, Grandway Law Offices acted as legal advisor and Shanghai Certified Public Accountants served as accountant to Shenzhen Zqgame Co., Ltd

Shenzhen Zqgame Co., Ltd (SZSE:300052) cancelled the acquisition of Guangzhou Baoyun Information Technology Co., Ltd from Shenzhen Speed Top Network Technology Company Limited on November 10, 2023.