Shanghai Shangying Asset Management Co., Ltd. agreed to acquire 50.01% stake in Shangying E-commerce Co., Ltd. from Shangying Global Co., Ltd. (SHSE:600146) for approximately CNY 120 million on June 15, 2020. Out of total consideration, Shanghai Shangying Asset Management shall pay the first sum of CNY 30 million before September 30, 2020, the second sum of CNY 33 million will be paid by December 31, 2020 and the sum of CNY 59.5 million will be paid by June 30, 2021. Shangying E-commerce Co., Ltd. had total assets of CNY 235.8 million, net assets of CNY 233.2 million, revenues of CNY 8.6 million and net loss of CNY 15.4 million for the year ending December 31, 2019. Transaction is subject to approval of shareholders of Shangying Global. Transaction was approved by the Board of Shangying Global Co., Ltd. Shanghai Shangying Asset Management Co., Ltd. terminated the acquisition of 50.01% stake in Shangying E-commerce Co., Ltd. from Shangying Global Co., Ltd. (SHSE:600146) on June 20, 2020.