Chongqing Chuangsite Culture Media Co., Ltd. signed an equity transfer agreement to acquire 70% stake in Chongqing Zongshen Financial Leasing Co., Ltd from Chongqing Zongshen Power Machinery Co.,Ltd (SZSE:001696) for approximately CNY 160 million on December 29, 2020. As per the terms of the agreement, Chongqing Chuangsite Culture Media will acquire 140 million shares in Chongqing Zongshen Financial Leasing at CNY 1.1352 per share. Chongqing Chuangsite Culture Media will pay 51% of the total consideration within 10 working days after the approval of the Chongqing Local Financial Supervision and Administration Bureau and pay the remaining 49% after completing the industrial and commercial change registration. In October 31, 2020, Chongqing Zongshen Financial Leasing Co., Ltd reported a total assets of CNY 594 million and total common equity of CNY 227 million. The transaction was approved by the Board of Directors of Chongqing Zongshen Power Machinery and is still subject to the approvals of the shareholders of Chongqing Zongshen Power Machinery and Chongqing Local Financial Supervision Administration and the Administration for Industry and Commerce. Chongqing Chuangsite Culture Media Co., Ltd. cancelled the acquisition of 70% stake in Chongqing Zongshen Financial Leasing Co., Ltd from Chongqing Zongshen Power Machinery Co.,Ltd (SZSE:001696) on April 2, 2021. After review, after negotiation between both parties to the transaction, it was decided to terminate the equity transaction and sign the termination agreement.