Huazhang Tiandi Media Investment Holding Group Co., Ltd. agreed to acquire 15.05% stake in Ciwen Media Co.,Ltd. (SZSE:002343) from Ma Zhongjun, Wang Mei, Ye Biyun and Ma Zhonghua on February 15, 2019. Huazhang Tiandi Media Investment Holding Group Co., Ltd. entered into an agreement to acquire 15.05% stake in Ciwen Media Co.,Ltd. (SZSE:002343) from Ma Zhongjun, Wang Mei, Ye Biyun and Ma Zhonghua (sellers) for approximately CNY 930 million on February 22, 2019. Under the terms of transaction, Ma Zhongjun will transfer 42.9 million shares, Wang Mei will transfer 23.7 million shares, Ye Biyun will transfer 3.2 million shares and Ma Zhonghua will transfer 1.6 million shares; at CNY 13 each. Huazhang Tiandi Media Investment Holding Group Co., Ltd. will pay fist share transfer installment to the account approved by sellers within 10 working days, the transfer price of CNY 100 million. The transaction will be completed in two stages. First part will involve transferring out 47.3 million shares accounting for 9.95% of Ciwen Media's total share capital.

Huazhang Tiandi Media Investment Holding Group Co., Ltd. after receiving the aforementioned tax payment certificate provided by sellers, the account transfer approved by Huazhang Tiandi Media Investment Holding Group Co., Ltd. shall pay CNY 514.3 million. After the first share transfer has been completed Huazhang Tiandi Media Investment Holding Group Co., Ltd. shall transfer the prepaid transfer price of CNY 176.6 million to the transfer of the second share agreement to the account approved by sellers within 3 working days; the account transfer approved by sellers and Huazhang Tiandi Media Investment Holding Group Co., Ltd. shall pay the prepaid transfer price of CNY 38.3 million for the second share agreement transfer.

On February 15, 2019, Board of Directors of Huazhang Tiandi Media Investment Holding Group Co., Ltd. approved the transaction. On February 26, 2019, the transaction obtained the approval of the Jiangxi Provincial State-owned Cultural Assets Supervision and Administration leading group office. Ciwen Media received notice from the sellers on March 28, 2019 informing that they have received the Securities transfer registration confirmation letter on March 28, 2019 from the China Securities Depository and Clearing Co., Ltd. Shenzhen branch. The transfer registration procedures for the first part of the share transfer have already been completed; transfer date is on March 27, 2019. As on December 20, 2019, a total of approximately 24.2 million share transfer has completed where Ma Zhongjun transferred 4.48% stake equivalent to 21.3 million shares and Ye Biyun transferred 0.62% stake equivalent to 2.9 million shares of Ciwen Media Co.,Ltd.

Huazhang Tiandi Media Investment Holding Group Co., Ltd. completed the acquisition of 15.05% stake in Ciwen Media Co.,Ltd. (SZSE:002343) from Ma Zhongjun, Wang Mei, Ye Biyun and Ma Zhonghua on December 20, 2019.