Huang Xiaojie, Chief Executive Officer of Beijing Baofeng Mojing, along with a Beijing holding company cancelled the acquisition of 11% stake in Beijing Baofeng Mojing Technology Co., Ltd. from Beijing Baofeng Technology Co., Ltd..

Huang Xiaojie, Chief Executive Officer of Beijing Baofeng Mojing, along with a Beijing holding company agreed to acquire 11% stake in Beijing Baofeng Mojing Technology Co., Ltd. from Beijing Baofeng Technology Co., Ltd. (SZSE:300431) for CNY 33.7 million on August 18, 2015. As of June 30, 2015, Beijing Baofeng Mojing Technology Co., Ltd. had total assets of CNY 57.12 million, revenues of CNY 7.34 million and net loss of CNY 18.47 million. The transaction is subject to approval from the shareholders of Beijing Baofeng Technology Co., Ltd. and has been approved by the Board of Beijing Baofeng Technology Co., Ltd. Huang Xiaojie, Chief Executive Officer of Beijing Baofeng Mojing, along with a Beijing holding company cancelled the acquisition of 11% stake in Beijing Baofeng Mojing Technology Co., Ltd. from Beijing Baofeng Technology Co., Ltd. (SZSE:300431) on August 18, 2016.