Tangel Publishing Co., Ltd. (SZSE:300148) signed a framework agreement to acquire 40.11% stake in Hangzhou Paiyu Technology Co., Ltd. from Xu Wen for approximately CNY 180 million on December 29, 2015. The consideration will be paid in cash. Tangel Publishing will use own funds for the acquisition. Simultaneously, Tangel Publishing will use its own funds of CNY 100 million to carry out capital increase towards Hangzhou Paiyu Technology. After the completion of the capital increase, Tangel Publishing will hold 51.00% stake in Hangzhou Paiyu Technology. Total amount for the stake acquisition and capital increase payment is CNY 280.50 million. For year ending December 31, 2014, Paiyu Technology had total assets of CNY 8.71 million, total liabilities of CNY 1 million and net asset of CNY 7.71 million. As on December 31, 2014, Paiyu Technology had operating revenues of CNY 4.92 million, total loss of CNY 0.30 million and net loss of CNY 0.30 million. As on September 30, 2015, Paiyu Technology had total assets of CNY 62.55 million, total liabilities of CNY 37.58 million and net asset of CNY 24.98 million. As on September 30, 2015, Paiyu Technology had operating revenues of CNY 72.78 million, total profit of CNY 22.79 million and net profit of CNY 16.85 million. Tangel Publishing Co., Ltd. (SZSE:300148) cancelled the acquisition of 40.11% stake in Hangzhou Paiyu Technology Co., Ltd. from Xu Wen recently.