An unknown buyer agreed to acquire a 11.26% stake in Maoye Communication and Network Co., Ltd. (SZSE:000889) from Zhongzhao Investment Management Company Limited for CNY 1.4 billion on January 9, 2017. Under the terms, the buyer will acquire 70 million shares. The consideration will be paid as CNY 300 million within two business days after the opening of the joint account and CNY 800 million within one business day after obtaining the confirmation of the disposal. Maoye Communication and Network Co., Ltd. obtained written approval from shareholders for the transaction. The completion of the disposal shall take place after the completion of the registration of the transfer of Maoye Communication and Network Co., Ltd's shares with China Securities Depository & Clearing Corporation Limited. Post transaction, Zhongzhao Investment Management Company Limited will reduce its stake from 35.46% to 24.2% in Maoye Communication and Network Co., Ltd. The Board of Maoye International Holdings Limited consider the transaction fair and reasonable and in the interests of Maoye International Holdings Limited and its shareholders as a whole. Jason Sung of Herbert Smith Freehills acted as a legal advisor to Zhongzhao Investment Management Company Limited.