Wutong Holding Group Co., Ltd. (SZSE:300292) entered into an agreement to acquire a 90% stake in Fuzhou 498 Network Technology Co., Ltd. from Lin Chun and Shanghai Suo'ersi Business Consulting Co., Ltd. for CNY 585 million on May 27, 2022. Lin Chun will sell 55% and Shanghai Suo'ersi Business Consulting will sell 35% in Fuzhou 498 Network Technology. After this transaction, Lin Chun will hold 10% stake in Fuzhou 498 Network Technology. The consideration will be funded through own funds and raised funds. The transaction has been approved by the board of Wutong Holding and needs to be appoved by their shareholders. Fuzhou 498 Network Technology has reported revenue of CNY 1.679308 million and net profit of CNY 1.096625 million in December 31, 2021. Fuzhou 498 Network Technology has reported total assets of CNY 351 million and total common equity of CNY 184 million on March 31, 2022.
AS on August 10, 2022, Recently, 498 Technology has completed the industrial and commercial change registration procedures, and obtained the "Business License" renewed by the Fuzhou Economic and Technological Development Zone Market Supervision Administration.
On November 7, 2022, the Wutong Holding Group Co., Ltd. held the second extraordinary general meeting of shareholders in 2022, and reviewed and approved the Proposal on Terminating the Cash Acquisition of 90% Equity in Fuzhou 498 Network Technology Co., Ltd. Recently, the company received a notice from 498 Technology: 498 Technology has changed its shareholder from Wutong Holding Group Co., Ltd to Shanghai Suo'ersi Business Consulting Co., Ltd.


BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant to Wutong Holding Group Co., Ltd. (SZSE:300292).