Jinzhou Cihang Group Co., Ltd. (SZSE:000587) signed a letter of intent to acquire Beijing Yousheng Tengfei Information Technology Co., Ltd. from Chen Hao,Zhan Fei,Liu Xinwei,Zhou Yang and Zhu Guangfeng for CNY 500 million on May 25, 2020. The consideration will be paid in cash and consideration price should not exceed CNY 500 million. In the transaction, Chen Hao will sell 85% stake,Zhan Fei will sell 9% stake and Liu Xinwei,Zhou Yang and Zhu Guangfeng will sell 2% stake each of Beijing Yousheng Tengfei Information Technology. For the year ended December 31, 2019, Beijing Yousheng Tengfei Information Technology Co., Ltd. reported total assets of CNY 514.9 million, net assets of CNY 6.4 million, operating revenue of CNY 357.4 million, operating profit of CNY 57.4 million and net profit of CNY 53.4 million. Jinzhou Cihang Group's board of directors held th 35th meeting of the 8th session of the board of directors on May 25, 2020 to review and approve the proposed transaction.