U Banquet Group Holding Limited (SEHK:1483) entered into an agreement to acquire 12.77% stake in Beijing Yunling Technology Co., Ltd. from Aikuyou (HK) Limited and Guo Peng for CNY 50 million on March 23, 2021. Upon completion of its establishment, it will effectively control and enjoy all the operating revenue from Doume Technology through a series of contractual arrangements. In a separate transaction, U Banquet Group Holding Limited (SEHK:1483) has also entered into a placing agreement related to the placing of 90,000,000 Placing Shares by the Company, through the Placing Agent. The Company will immediately contribute an amount of not more than RMB70 million in paid-up capital to the Yunling Technology, which will be used to pay the remaining consideration for the purchase of the Xiaoji Emulator App for Doume Technology, and the investment amount will be paid in cash and/or convertible bonds. If the formal agreement(s) in relation to the acquisition of and the capital injection into the Beijing Yunling Technology materialise, the Company will own the entire interest in Xiaoji Emulator App. The MOU will be terminated at the earlier of the expiry of the Exclusive Period or the date of execution of the Formal Agreement.