Yonyou Network Technology Co., Ltd. (SHSE:600588) signed an agreement to acquire additional 55.6% in Shanghai Dayee Cloud Computing Co.,Ltd from Shanghai Yuncai Enterprise Management Consulting Center (Limited Partnership ), Shanghai Cairuyun Enterprise Management Consulting Center (Limited Partnership), Shen Gangzheng and Wang Ying for approximately CNY 280 million on February 10, 2021. The consideration is payable in cash in 6 installments. As per terms, CNY 70.7 million is payable within ten working days from the date of issuing the prerequisite confirmation receipt, CNY 28.3 million within 10 days of closing, CNY 14.1 million within 10 days from the date of completion of processing and the seller completing the income tax declaration, CNY 14.1 million within ten working days after the expiration of one year after the account lock procedure is completed, CNY 14.1 million within ten working days two years after the completion of the account lock procedure and balance CNY 14.1 million within ten working days after the expiration of three years after the account lock procedure is completed. Post completion, Yonyou Network Technology Co., Ltd. will hold 84.7% stake while the sellers will exit from Shanghai Dayee Cloud Computing Co.,Ltd. Shanghai Dayee Cloud Computing Co.,Ltd will operate as a controlled subsidiary of Yonyou. For the year ended December 31, 2020, Shanghai Dayee Cloud Computing Co.,Ltd reported total assets of CNY 21 million, net liabilities of CNY 27.9 million, revenues of CNY 62.5 million and net loss of CNY 7.2 million. The Board of Directors of YonyouNetworkTechnologyCo.,Ltd. approved the deal. The deal does not require approval from shareholders.