Guangdong Yungu Media Joint Stock Company entered into a non-binding letter of intent to acquire SSLJ.com Limited (NasdaqCM:SSLJ) from Wei Zheng and other shareholders in a reverse merger transaction on March 6, 2019. Under the terms of the transaction, SSLJ.com Limited will acquire controlling rights in Guangdong Yungu Media Joint Stock Company in exchange for the issuance of new Class A ordinary shares of SSLJ.com Limited representing 90% of the total outstanding shares of capital stock of SSLJ.com Limited, on a fully-diluted and converted basis and cash consideration of $1.1 million. The transaction would result in SSLJ.com Limited disposing of its current business and acquiring the business of Guangdong Yungu Media Joint Stock Company. Beijing Shengshitong Technology Co. Ltd. entered into a share exchange agreement to acquire SSLJ.com Limited (NasdaqCM:SSLJ) from Wei Zheng and other shareholders in a reverse merger transaction on June 15, 2019. SSLJ.com Limited will issue 87.73 million newly issued Class A ordinary shares of SSLJ.com Limited. Xinyu Yang, the sole shareholder of Beijing Shengshitong Technology Co. Ltd. intends to convert certain amount of debt owed by Guangdong Yungu Media Joint Stock Company to Xinyu Yang in exchange for 0.96 million Class B shares of SSLJ.com Limited. The aggregate of 87.73 million newly issued Class A shares and 0.96 million Class B shares shall represent 90% of SSLJ.com Limited following the closing. The current assets, liabilities and debts of SSLJ.com Limited including its ownership interest in its subsidiaries, other than certain excluded assets and liabilities, will be transferred and sold to a third party to be designated by Wei Zheng for $0.2 million. Prior to the transaction, Wei Zheng holds 64.6% stake in SSLJ.com Limited. It is contemplated that, in connection with transaction, SSLJ.com Limited will undertake a reverse stock split at a ratio to be determined. The transaction is subject to customary representations and warranties, approval of the Board of Directors of SSLJ.com Limited, regulatory compliance, shareholder approval of SSLJ.com Limited, receipt of required financial statements of Guangdong Yungu Media Joint Stock Company, agreement on all final terms and conditions and negotiation of definitive agreements, and there having occurred no material adverse change in the business or condition, financial or otherwise, of either party. Beijing Shengshitong Technology Co. Ltd. cancelled the acquisition of SSLJ.com Limited (NasdaqCM:SSLJ) from Wei Zheng and other shareholders in a reverse merger transaction on March 6, 2020.