Chengdu B-ray Media Co.,Ltd. (SHSE:600880) signed a framework agreement to acquire 60% stake in Sichuan Born To Learn Education Co., Ltd. from Chen Changzhi and Tianjin Born To Learn Enterprise Management Partnership (Limited Partnership) for CNY 210 million on May 31, 2020. As a part of the transaction, 19.04% stake will be acquired from Tianjin Born To Learn for CNY 66.6 million and 40.96% stake will be acquired from Chen Changzhi for approximately CNY 140 million. At present, Chen Changzhi holds a 66% stake in Sichuan Born To Learn Education and Tianjin Born To Learn Enterprise Management Partnership (Limited Partnership) holds a 34% stake in Sichuan Born To Learn Education. Sichuan Born To Learn reported total assets of CNY 128.3 million, net assets of CNY 16.07 million, operating revenue of CNY 157.7 million and net profit of CNY 14.19 million for the period ending December 31, 2019. The transaction need not be submitted to the shareholders of Chengdu B-ray Media for approval. The transaction has been approved by the Board of Chengdu B-ray Media on October 29, 2020.