Zhejiang Yitong Media Investment Co., Ltd. signed share transfer agreement to acquire a 7.74% stake in Wasu Media Holding Co.,Ltd (SZSE : 000156) from Hangzhou Yunxi Investment Partnership Enterprise (Limited Partnership) for approximately CNY 960 million on December 10, 2022. Zhejiang Yitong will pay CNY 6.678 cash per share for 143,335,500 share representing approximately 7.74% stake in Wasu Media Holding Co. In a related transaction, West Lake Electronics Group Co., Ltd. signed a share transfer agreement to acquire a 7.74% stake in Wasu Media Holding Co.,Ltd from Hangzhou Yunxi Investment Partnership Enterprise (Limited Partnership) for approximately CNY 960 million.

Post closing of these transaction, Zhejiang Yitong and West Lake Electronics Group will each own 7.74% stake in Wasu Media Holding Co. and Hangzhou Yunxi will no longer hold any stake in it. The transaction is subject to due diligence investigation, internal decision-making procedures and the approval of competent state-owned assets authority or competent agency.

On April 19, 2023, the company received a letter from Zhejiang Yitong Media stating that the transaction had been approved by its internal decision-making body and had completed the state-owned assets approval procedures, agreeing to acquire the 7.74% shares of the company held by Hangzhou Yunxi Investment Partnership Enterprise (Limited Partnership).