Meisheng Cultural & Creative Corp., Ltd. (SZSE:002699) agreed to acquire NEW TIME GROUP (HK) LIMITED from Zeng Huawei, Zeng Huaxiong, Zhu Haifeng and Hu Xianglin for approximately CNY 580 million on January 23, 2019. Zeng Huawei will sell 28% stake for CNY 161.7 million, Zeng Huaxiong will sell 24% stake for CNY 138.6 million, Zhu Haifeng will sell 24% stake for CNY 138.6 million and Hu Xianglin will sell 24% stake for CNY 138.6 million. The consideration will be paid in two installments of 50% each. The first one will be paid within 30 days since signing of the agreement and the second one will be paid within 30 days since delivery of underlying equity. On September 30, 2018, NEW TIME GROUP reported total assets of CNY 435.2 million, shareholder’s equity of CNY 317.2 million, revenue of CNY 271.3 million and net profit of CNY 13.5 million. The transaction is approved by the 32nd meeting of the 3rd directorate.