Shanghai Media Group agreed to acquire Shanghai Oriental Pearl International Advertising Co., Ltd. from Shanghai Oriental Pearl Group Co., Ltd. (SHSE:600637) for approximately CNY 390 million on November 2, 2017. As of December 31, 2016, Shanghai Oriental Pearl International Advertising reported total assets of CNY 1.57 billion and net assets of CNY 279.05 million. For 2016, Shanghai Oriental Pearl International Advertising reported operating revenue of CNY 1.06 billion and net profit of CNY 105.32 million. The transaction is subject to approval from SASAC authorities. On November 2, 2017, Shanghai Oriental Pearl Group held the 31st extraordinary session of the 8th directorate and approved the transaction. The transaction does not need approval from the shareholders’ meeting of Shanghai Oriental Pearl Group. Shanghai Media Group completed the acquisition of Shanghai Oriental Pearl International Advertising Co., Ltd. from Shanghai Oriental Pearl Group Co., Ltd. (SHSE:600637) on January 2, 2018.