Guangxi Radio and Television Information Network Corporation Limited (SHSE:600936) agreed to acquire 51% stake in Guangxi Jiaoke Group Co., Ltd. from Guangxi Beibu Gulf Investment Group Co.,Ltd. for CNY 1.4 billion on May 29, 2025. As per the transaction, Guangxi Radio and Television Information Network Corporation Limited will exchange 100% stake of Guangxi Guangdian Network Technology Development Co., Ltd. for 51% stake in Guangxi Jiaoke Group Co., Ltd. The consideration consists of common equity of Guangxi Radio and Television Information Network Corporation Limited having a value of CNY 1.41 billion to be issued for common equity of Guangxi Jiaoke Group Co., Ltd. As part of consideration, CNY 1.41 billion is paid towards common equity of Guangxi Jiaoke Group Co., Ltd. For the year ending December 31, 2024, Guangxi Jiaoke Group had total assets of CNY 66.5 billion, operating profit of CNY 4.9 billion, Net Income of CNY 3.9 billion and total common equity of CNY 26.2 billion.

The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been approved by the board. As per the announcement dated June 14, 2025 the transaction has been approved by Guangxi Zhuang Autonomous Region People's Government State-owned Assets Supervision and Administration Commission the transaction is still subject to approval by Guangxi Radio and Television Information Network Corporation Limited shareholders. As per the announcement dated July 1, 2025 the transaction has been approved by the shareholders of Guangxi Radio and Television Information Network Corporation Limited. Liang Dingjun, Tan Jin, Liang Lu of Grandall Lawyers (Nanning) Office acted as financial advisor and Liu Kun, Richard Li, Pan Hongbin, Chen Yiren, Xiao Jingyuan, Liu Zhexi, Wu Wenqiang, Zhang Boshen, Lu Zixuan, Li Bingfan, Quan Junshen, Gong Yuxuan, Zhang Weipeng, Lin Zhaowei, Zheng Jiahao, Huang Minglang, Li Chengjian of CITIC Securities Company Limited acted as legal advisor to Guangxi Radio and Television Information Network Corporation Limited. Zhang Jiwen and Liu Dongyue of ShineWing Certified Public Accountants (LLP) and Luan Yanpeng and Wang Yue of RSM China Certified Public Accountants of acted as accountant to Guangxi Radio and Television Information.

Guangxi Radio and Television Information Network Corporation Limited (SHSE:600936) completed the acquisition of 51% stake in Guangxi Jiaoke Group Co., Ltd. from Guangxi Beibu Gulf Investment Group Co.,Ltd. on August 29, 2025.