Yinji Times (Tianjin) Enterprise Management Co., Ltd. signed the share transfer agreement to acquire 10.5% stake in DMG Entertainment and Media Co., Ltd. (SZSE:002143) from Xiao Wenge for CNY 3.7 billion on January 17, 2017. Under the terms of transaction, Yinji Times (Tianjin) Enterprise Management Co., Ltd. will acquire 116.1 million shares at CNY 31.7 each. Upon completion, Xiao Wenge will directly hold 604.7 million shares and will indirectly hold 116.1 million more shares in DMG Entertainment and Media Co., Ltd. through its wholly owned company Yinji Times (Tianjin) Enterprise Management Co., Ltd. On March 24, 2017, the transaction was approved by the 27th meeting of the 5th directorate and on April 5, 2017, the transaction was approved by the 2017 2nd shareholder meeting of DMG Entertainment and Media Co., Ltd. Yinji Times (Tianjin) Enterprise Management Co., Ltd. completed the acquisition of 10.5% stake in DMG Entertainment and Media Co., Ltd. (SZSE:002143) from Xiao Wenge on July 6, 2017.