Linzhi Tencent Investment Management Co., Ltd. signed an agreement to acquire 5% stake in Guiyang Activision Technology Co., Ltd. from Longmaster Information & Technology Co., Ltd. (SZSE:300288) for CNY 8.8 million on September 21, 2020. Under the terms of the transaction, Linzhi Tencent Investment Management Co., Ltd. and Suzhou Nanshan Xingrui Venture Capital Partnership (Limited Partnership) intend to invest CNY 40 million and CNY 38 million, respectively, to acquire 21.75% and 17.70% of the shares of Guiyang Activision Technology Co., Ltd via a transfer of shares and a capital increase operation. Within 3 working days from the settlement date stipulated in the agreement, Linzhi Tencent Investment Management Co., Ltd. will will make a one-time payment to Longmaster Information & Technology Co., Ltd. and commercial change registration within 10 working days after receiving the transfer price payment. Upon completion, Linzhi Tencent Investment Management Co., Ltd. will own 21.75% stake, Suzhou Nanshan Xingrui Venture Capital Partnership (Limited Partnership) will own 17.7% stake and Longmaster Information & Technology Co., Ltd. will own 21.7% stake in Guiyang Activision Technology Co., Ltd. For the year ended December 31, 2019, Guiyang Activision Technology Co., Ltd. reported total assets of CNY 33.2 million, total common equity of CNY 21.9 million, total revenues of CNY 30.4 million, negative operating profit of CNY 2.4 million and negative net income of CNY 2.4 million. The transaction is within the approval authority of the chairman and does not need to be submitted to the company's Board of Directors and shareholders meeting for deliberation.