Excellent School International Education Investment Development Co., Ltd. agreed to acquire 65% stake in Shanghai Yali Information Technology Co., Ltd. from Dianguang Explosion-Proof Technology Co., Ltd. (SZSE:002730) for approximately CNY 110 million on May 17, 2020. On May 18, 2020, share transfer agreement was signed between parties. As of December 31, 2019, Shanghai Yali Information Technology reported total assets of CNY 125.3 million, total liabilities of CNY 66.1 million, net assets of CNY 59.1 million and in 2019, Shanghai Yali Information Technology reported revenue of CNY 100.3 million, operating profit of CNY 14.3 million and net profit of CNY 11.2 million. On May 17, 2020, the 8th session of the Dianguang Explosion's 4th directorate approved the transaction. Excellent School International Education Investment Development Co., Ltd. completed the acquisition of 65% stake in Shanghai Yali Information Technology Co., Ltd. from Dianguang Explosion-Proof Technology Co., Ltd. (SZSE:002730) on October 10, 2020. Dianguang Explosion has received the full transfer payment from Excellent School International Education Investment Development Co., Ltd.