Lander Sports Development Co.,Ltd. (SZSE:000558) signed an agreement to acquire 63.34% stake in Chengdu Culture&Tourism Development Co.,Ltd. from Chengdu Culture & Tourism Development Group Ltd. on December 11, 2020. Lander Sports will acquire the stake in Chengdu Culture&Tourism Development Co.,Ltd. through issuance of shares at CNY 2.78 per share. Chengdu Culture&Tourism Development Co.,Ltd., reported net assets of CNY 630.88 million. The transaction is subject to approval from State-Owned Supervision and Management Department and Filing of the Target Assets’ Audit and Assessment Reports., Second Approval of the Lander Sports Development's Directorate after the Target Assets’ Audit and Assessment Work are Completed, Lander Sports Development's shareholder approval, CSRC’s Approval and other approvals. The transaction was approved by Chengdu Culture&Tourism Development Co.,Ltd. and Lander Sports Development.