Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd. (SZSE:002113) signed the framework agreement to acquire Guangzhou Kaihua Education Investment Co., Ltd. from Guangdong Hengrun Huachuang Industrial Development Co., Ltd. and Lai Ganfeng on February 13, 2018. A formal agreement will be signed later. Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd. (SZSE:002113) signed an equity transfer agreement to acquire Guangzhou Kaihua Education Investment Co., Ltd. from Guangdong Hengrun Huachuang Industrial Development Co., Ltd. and Lai Ganfeng for approximately CNY 300 million on July 1, 2018. Under the terms of the transaction, Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd. will pay CNY 115 million in cash and will issue 18.9 million shares as consideration. Guangdong Hengrun Huachuang Industrial Development Co., Ltd. and Lai Ganfeng will transfer 90% and 10% stake respectively. China Securities Co., Ltd and Shengang Securities Co., Ltd acted as the financial advisors, Zhong Lun Law Firm acted as the legal advisor and CHW CPA Limited Liability Partnership acted as the accountant to Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd. Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd. (SZSE:002113) cancelled the acquisition of Guangzhou Kaihua Education Investment Co., Ltd from Guangdong Hengrun Huachuang Industrial Development Co., Ltd and Lai Ganfeng on August 29, 2018. The termination of the transaction has been approved by the Board of Directors of Hunan Tianrun Digital Entertainment and Cultural Media Co., Ltd on August 29, 2018.