Xiamen Kingdomway Investment Limited and Wang Yicai signed an equity transfer agreement to acquire 85% stake in Xiamen Kingdomway Sports Culture Media Co., Ltd. from Xiamen Kingdomway Group Company (SZSE:002626), Wu Lei and Wang Bin for CNY 4.25 million on June 18, 2019. As per the terms, Xiamen Kingdomway Investment Limited will receive 42.5% stake from Xiamen Kingdomway Group Company and Wang Bin and should pay CNY 1.85 million to Xiamen Kingdomway Group and CNY 2.4 million to Wang Bin. Wang Yicai will receive 32.5% stake in Xiamen Kingdomway Sports from Xiamen Kingdomway Group Company and should pay CNY 3.25 million .Wang Yicai will receive 10% stake from Wang Yicai and the transfer will be made for free. Payments must be made in one single installment within 30 days since signing of the agreement. As of December 31, 2018, Kingdomway Sports reported total assets of CNY 7.33 million, net liability of CNY 10.65 million, operating revenue of CNY 11.9 million, net loss of CNY 0.78 million and operating loss of CNY 0.78 million. The transaction has been approved by the 5th meeting of the 7th directorate of Xiamen Kingdomway Group on June 18, 2019.