Jiangxi Yanyan Network Technology Co., Ltd. agreed to acquire 51% stake in Topfun Technology Co., Ltd. from Shen Zhen Shengxunda Technology Co.,Ltd (SZSE:300518) for approximately CNY 290 million on December 8, 2022. Out of total consideration, 68.5% i.e., CNY 195.8 million will be paid when the agreement is signed and becomes effective, 3.5% i.e., CNY 10 million will be paid in within 2 working days from the date of signing and taking effect of agreement, 14% i.e., CNY 40 million will be paid Within 2 working days after the completion of the industrial and commercial change of this equity transfer, 8.75% i.e., CNY 25 million will be paid within 7 working days after the completion of the industrial and commercial change of this equity transfer and 5.25% i.e., CNY 15 million will be paid Within 2 working days after the industrial and commercial change of this equity transfer is completed and the special audit report on the completion of the 2022 annual performance. The transaction is approved by Shen Zhen Shengxunda Technology board.

For the period ended September 30, 2022, Topfun Technology reported total assets of approximately CNY 490 million and shareholders equity of CNY 440 million.