Shenzhen Canxing Investment Partnership and Qui Yuanyuan signed an agreement to acquire UT Game from Zhejiang Great Southeast Corp.Ltd (SZSE:002263) for CNY 57.5 million on October 28, 2019. As per transaction, Shenzhen Canxing Investment Partnership shall pay CNY 56.925 million for 99% interest and Qui Yuanyuan shall pay CNY 0.575 million for 1% interest. Shenzhen Canxing Investment Partnership shall pay approximately CNY 23.39 million and Qui Yuanyuan shall pay CNY 0.575 million within 5 working days from the date of agreement and remaining CNY 20 million shall be paid by Shenzhen Canxing Investment Partnership before December 25, 2019. For the period ending December 31, 2018, UT Game reported total assets of CNY 34.4 million, net assets of CNY 32.2 million, revenues of CNY 13.4 million, operational loss of CNY 18.3 million and net loss of CNY 18.4 million. As on October 28, 2019 deal was approved by board of directors of Zhejiang Great Southeast Corp.Ltd and no shareholders’ approval is required. As of November 18, 2019, Zhejiang Great Southeast Corp.Ltd has received the first installment of CNY 23.96 million from Shenzhen Canxing Investment Partnership and Qui Yuanyuan and completed the registration procedures for the industrial and commercial registration of UT Game.