Shenzhen Shenchuang Intelligent Group Co., Ltd agreed to acquire 77.037% interest in Wuhan Tianyu Education Technology Co., Ltd from Wuhan Tianyu Information Industry Co., Ltd. for RMB 40 million.

Wuhan Tianyu Information Industry Co., Ltd is a China-based company principally involved in the development, manufacture, distribution and services of smart card products and related application systems. The Company primarily provides smart cards including communication smart cards, financial integrated circuit (IC) cards, intelligent traffic card, among others; terminal, including tax control disk and intelligent point of sale (POS), among others. Its products are applied in communications, finance and electronic payment, mobile multimedia broadcasting television, taxation, intelligent transportation, medical electronics and mobile Internet, among others. The Company also involves in the provision of technical services and development, as well as system integration business.