Descente Ltd. (TSE:8114) entered into an agreement to acquire a 70% stake in Arena (Shanghai) Industrial Co. Limited from Tian Feng (Shanghai) Apparel and Accessory Trading Co., Ltd. for CNY 22.1 million on January 7, 2022. Net asset value of Arena Shanghai as of September 30, 2021 was approximately CNY 39.44 million.

The deal is expected to complete on April 1, 2022. As on April 28, 2022, Transaction Long stop date as been extended to June 30, 2022.