Great Wall Movie and Television Co., Ltd. signed a conditional agreement to acquire Zhejiang Tonight Films Co., LTD. from 12 individual shareholders for approximately CNY 550 million on December 14, 2016. Great Wall Movie will issue 22.15 million shares at CNY 12.3 per share and CNY 272.5 million in cash. In a related transaction Great Wall Movie and Television Co.,Ltd. acquired Shouying Shidai from Ma Sichun, Gu Changwei & Jiang Wenli for CNY 1.35 billion on December 14, 2016. To fund the cash consideration, Great Wall Movie will issue shares to not more than 10 specific investors to raise supporting funds of not more than CNY 563 million. Zhejiang Tonight Films reported total assets of CNY 97.38 million, revenue of CNY 127.31 million and operating profit of CNY 17.03 million as of December 31, 2015. The deal is subject to approval by Board and shareholders of Great Wall Movie and approval by CSRC. The deal was approved by the Board of Great Wall Movie. Northeast Securities Co., Ltd. acted the independent financial advisor, Chen & Co. Law Firm acted as legal advisor and Moore Stephens Da Hua acted as an accountant to Great Wall Movie and Television Co.,Ltd. Great Wall Movie and Television Co., Ltd. cancelled the acquisition of Zhejiang Tonight Films Co., LTD. from 12 individual shareholders on December 14, 2017.