Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) agreed to acquire Beijing Guodu Internet Technology Co., Ltd. from Xue Feng, Huang Wei and Xie Weida for approximately CNY 630 million on January 17, 2014. Jiangsu Wutong Communications will issue 23.16 million shares and pay CNY 247.5 million cash to Xue Feng, Huang Wei and Xie Weida as part of the consideration. The transaction will be financed from CNY 183.15 million of equity raising.

As of April 14, 2014, the transaction has been approved by shareholders of Jiangsu Wutong Communications Co.,Ltd. On July 23, 2014, the China Securities Regulatory Commission conditionally approved acquisition of assets through the issuance of shares and cash payment and raising of supporting funds. As of September 13, 2014 Jiangsu Wutong Communications Co Ltd revised the issue of shares from 23.16 million to 35.01 million. BDO China Shu Lun Pan Certified Public Accountants LLP acted as accountant to Jiangsu Wutong Communications.

Huaxi Securities Co., Ltd. acted as financial advisor while Grandall Law Firm acted as legal advisor for Jiangsu Wutong Communications.