Shanghai Cantian Culture Media Co., Ltd. signed an equity transfer agreement to acquire 51% stake in Baiying Film Industry (Shanghai) Co., Ltd. from Lead Eastern Investment Co., Ltd. (SZSE:000673) for CNY 3 million on June 28, 2019. Payment will be done in three installment. First installment of CNY 0.5 million is payable before July 25, 2019. The second installment of CNY 1 million is payable before October 30, 2019 and the third installment of CNY 1.5 million is payable before December 25, 2019. Baiying Film Industry (Shanghai) had total assets of CNY 2.6 million and net assets of CNY 2.4 million as of December 31, 2019. For the year ending December 31, 2019, Baiying Film Industry (Shanghai) had net loss of CNY 2.6 million. The transaction was approved by the 7th meeting of the 8th directorate of Shanghai Cantian Culture Media. There is no need for approval from the shareholders’ meeting of Shanghai Cantian Culture Media. Shanghai Cantian Culture Media Co., Ltd. cancelled the acquisition of 51% stake in Baiying Film Industry (Shanghai) Co., Ltd. from Lead Eastern Investment Co., Ltd. (SZSE:000673) on June 28, 2020.