Shanghai Guao Electronic Technology Co., Ltd. (SZSE:300551) entered into letter of intent to acquire additional 40% stake in Shanghai Qianyu Information Technology Co., Ltd. from Shengduoli Information Technology Co., Ltd. for CNY 70.1 million on December 30, 2022. Consideration paid is in the form of cash and earnout payment. As of August 2, 2023 Shanghai Guao Electronic Technology Co., Ltd. signed the Equity Transfer Agreement.

After the completion of this transaction, the company will hold 100% equity of Shanghai Qianyu. Shanghai Guao Electronic Technology board's approved the transaction.