ZW Data Action Technologies Inc. (NasdaqCM:CNET) has signed a letter of intent to acquire Henan Baodun Information Technology Co., Ltd. on September 15, 2022. Baodun generated approximately $50 million in annualized revenue in 2021 and expects to continue growing with a double digit's growth rate this year.Pursuant to the LOI, the offer price and terms will be negotiated and determined upon completion of due diligence, and the completion of the transaction is envisaged in the fourth quarter of 2022. Upon the completion of the acquisition, Baodun will become a wholly-owned subsidiary of the Company, and will remain its independency in operation to provide one-stop eCommerce marketing service solutions and full agency operation services for customers.