Fuchun Communications Co., Ltd. signed an agreement to acquire Moqikaka.com from Fan Peng, Qiu Xiaoxia, Fu Peng, Zhang Wei and Shenzhen Qianhai Zhangqu Chuangxiang Equity Investment Enterprise (Limited Partnership) for CNY 1.1 billion on August 28, 2016. Fuchun Communications Co., Ltd. will acquire 47% from Fan Peng, 20% from Qiu Xiaoxia, 16% from Fu Peng, 10% from Zhang Wei and 7% from Qianhai Zhangqu Chuangxiang Equity Investment Enterprise (Limited Partnership). The transaction will be financed through raise supporting funds of not more than CNY 400 million by issuing shares to not more than 5 specific investors. As per the amendment on December 6, 2016, Fuchun Communications Co., Ltd. will acquire Chengdu Moqikaka Technology Co., Ltd. for CNY 880 million and the transaction price will be paid in cash and it will not involve new share issuance. There will be no raising of supporting funds to finance the acquisition. As on December 31, 2015, Moqikaka.com reported total assets of CNY 13.17 million, net assets of CNY 1.74 million, revenue of CNY 6.32 million, operating loss of 4.42 million and net loss of CNY 4.41 million. On August 8, 2016, Qianhai Zhangqu Chuangxiang Equity Investment Enterprise (Limited Partnership) held its internal decision making procedures and approved the transaction. On August 9, 2016, the shareholders of Moqikaka.com approved the transaction. On August 28, 2016, the Board of Directors of Fuchun Communications Co., Ltd. approved the transaction. The transaction is subject to approval of second approval of the Board of Directors of Fuchun Communications Co., Ltd. and CSRC approval. The amendment received on December 6, 2016, The revision is subject to approval from shareholders of Chengdu Moqikaka, approval from Board of Fuchun Communications and approval in partners meeting of Shenzhen Qianhai Zhangqu Chuangxiang Equity Investment Enterprise (Limited Partnership) regarding the change of plan of acquisition to be solely in cash. As of December 22, 2016, shareholders of Fuchun Communications Co., Ltd. approved the transaction. Industrial Securities Co., Ltd. acted as financial advisor to Fuchun Communications Co., Ltd. Zhong Lun Law Firm acted as legal advisor and Pan-China Certified Public Accountants LLP acted as an accountant for Fuchun Communications Co., Ltd. in the transaction. Fuchun Communications Co., Ltd. completed the acquisition of Moqikaka.com from Fan Peng, Qiu Xiaoxia, Fu Peng, Zhang Wei and Shenzhen Qianhai Zhangqu Chuangxiang Equity Investment Enterprise (Limited Partnership) on January 9, 2017.