Dongyang City Cultural Tourism Investment Group Co., Ltd. entered into an agreement to acquire Zhejiang Guangsha Cultural Industry Development Co., Ltd. from Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) for CNY 65 million on June 16, 2022. This transaction has been considered and approved at the 11th meeting of the Audit Committee of the 11th Board of Directors and the 16th meeting of the 11th Board of Directors. The transaction still needs to be submitted to the company's general meeting of shareholders for deliberation. The transaction is subject to formal approval from the State-owned Assets Office of Dongyang City. As of March 31, 2022, Total Assets were of CNY 1164.5 million and Net Assets were CNY 46.9 million. As of July 1, 2022, The deal has approved by shareholders of Zhejiang Dongwang Times in third extraordinary general meeting of shareholders held on June 30, 2022. As on July 15, 2022, All parties have fulfilled their relevant obligations.

Dongyang City Cultural Tourism Investment Group Co., Ltd. completed the acquisition of Zhejiang Guangsha Cultural Industry Development Co., Ltd. from Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) on July 15, 2022.