Xinyu Shangshan Ruoshui Asset Management Co., Ltd. and Wu Yi entered into an agreement to acquire an additional 47% stake in Zhejiang Tianyi Film & TV Co from Jiangsu Lugang Culture Co., Ltd. (SHSE:601599) for approximately CNY 410 million on December 12, 2019. Under the terms, the first installment of CNY 85.869 million will be made before December 31, 2019, second installment worth CNY 122.7 million will be paid before March 31, 2020, third installment of CNY 50 million will be made December 31, 2021 and fourth installment worth CNY 150.4 million will be paid before December 31, 2022. Post transaction, Jiangsu Lugang Culture's stake in Zhejiang Tianyi Film & TV Co will be reduced from 96% to 49%. Zhejiang Tianyi reported total assets worth CNY 1.8 billion, total debt worth CNY 1.4 billion, operating revenue worth CNY 883.8 million, operating profit worth CNY 101.1 million, net profit worth CNY 99.1 million and owners equity worth CNY 378.1 million. The transaction is subject to approval from the shareholders of Jiangsu Lugang. The transaction has been approved by the Board of Jiangsu Lugang in the twenty-fifth meeting. Xinyu Shangshan Ruoshui Asset Management Co., Ltd. and Wu Yi cancelled the acquisition of an additional 47% stake in Zhejiang Tianyi Film & TV Co from Jiangsu Lugang Culture Co., Ltd. (SHSE:601599) on November 2, 2020.