Shaoxing Lanyue Film and Television Partnership Enterprise (Limited Partnership) signed a Share Transfer Agreement to acquire 60% stake in Zhejiang Shengxi Huashi Cultural Media Co., Ltd from Xilinmen Furniture Co.,Ltd (SHSE:603008) for CNY 360 million on December 29, 2020. Under the terms of transaction, Shaoxing Lanyue Film and Television Partnership will pay 20% of consideration before December 31, 2020, 30% of consideration before February 28, 2021, 25% of consideration before February 28, 2022 and the last remaining 25% of consideration shall be paid before February 28, 2023. As of September 30, 2020, in Zhejiang Shengxi Huashi Cultural Media had total assets and net assets as CNY 1.03 billion and CNY 275.3 million respectively. For year ended December 31, 2019, the revenue and net loss of Zhejiang Shengxi Huashi Cultural Media was CNY 124 million and CNY 62 million respectively. Transaction is subject to the shareholders’ approval. Transaction has been approved in 13th Meeting of the Xilinmen Furniture Co., Ltd held on December 29, 2020. As per shareholder meeting held on January 14, 2021, Xilinmen Furniture Co.,Ltd's shareholders approved the transaction. Lu Chonghua, Yu Ye of Zhejiang Tiance Law Firm acted as legal advisors for Zhejiang Shengxi Huashi Culture Media Co., Ltd. Shaoxing Lanyue Film and Television Partnership Enterprise (Limited Partnership) completed the acquisition of 60% stake in Zhejiang Shengxi Huashi Culture Media Co., Ltd. from Xilinmen Furniture Co.,Ltd (SHSE:603008) on January 26, 2021. According to agreement, Shaoxing Lanyue Film and Television Partnership Enterprise shall pay the first phase of transfer price of CNY 72 million on December 31, 2020, which is 20% of the total amount of the transfer price. The payment has been received. The business type of Zhejiang Shengxi Huashi Culture Media changed from Limited liability company (wholly owned by a legal person that is not invested or controlled by a natural person) to other limited liability companies. Post completion, Shaoxing Lanyue Film and Television Partnership Enterprise holds 60% stake and Xilinmen Furniture Co.,Ltd holds 40% stake in Zhejiang Shengxi Huashi Culture Media. As of February 26, 2021, the second phase of transfer price of CNY 108 million has been received, which is 30% of the total amount of the transfer price.