Beijing Baijia Shilian Technology Co., Ltd. entered into an agreement to acquire Fuwei Films (Holdings) Co., Ltd. (NasdaqCM:FFHL) in a reverse merger transaction on July 18, 2022. Under the terms, Baijiayun will merge with a wholly-owned subsidiary of the Fuwei Films, with Baijiayun being the surviving entity, and the issued and outstanding share capital of Baijiayun will be cancelled in exchange for newly issued shares of the Fuwei Films. Upon completion, the existing Baijiayun shareholders and existing Fuwei Films shareholders will own approximately 96.79% and 3.21%, respectively, of the outstanding shares of the combined company. As a part of transaction, Fuwei Films will immediately upon the completion of the merger transaction will appoint Yong Fang as the chief financial officer of the Company and Ms. Jingjing Cheng, the current chief financial officer of the Company, is expected to resign from such role. The deal has been unanimously approved by the Board of Fuwei Films. The deal is subject to approval by shareholders of Fuwei Films and regulatory approvals. As of September 26, 2022, Fuwei Films (Holdings) shareholders have approved the deal. The deal is expected to close in the fourth quarter of 2022. Linklaters LLP served as legal counsel to Beijing Baijia Shilian Technology.

Beijing Baijia Shilian Technology Co., Ltd. completed the acquisition of Fuwei Films (Holdings) Co., Ltd. (NasdaqCM:FFHL) in a reverse merger transaction on December 23, 2022. Fuwei Films (Holdings) Co., Ltd.'s name will be changed to Baijiayun Group Ltd. The Company continues to be listed on Nasdaq and its ticker is expected to be changed from "FFHL" to "RTC".