Shanghai Fukong Interactive Entertainment Co., Ltd. (SHSE:600634) agreed to acquire the remaining 49% stake in Shanghai Hongtou Network Technology Co., Ltd. from Shanghai Pintian Venture Capital Partnership Enterprise (Limited Partnership) for CNY 2.2 billion on June 27, 2017. The consideration is to be paid in cash. Post transaction, Shanghai Hongtou Network Technology Co., Ltd. will become a wholly-owned subsidiary of Shanghai Fukong Interactive Entertainment Co., Ltd. The transaction is subject to the approval of the shareholders of Shanghai Fukong Interactive Entertainment Co., Ltd. On June 27, 2017, the transaction was approved by the Shanghai Pintian Venture Capital Partnership Enterprise (Limited Partnership)’s partners and Shanghai Hongtou Network Technology Co., Ltd's shareholders. On June 28, 2017, the transaction was approved by the Board of Directors of Shanghai Fukong Interactive Entertainment Co., Ltd. On July 31, 2017, the shareholders of Shanghai Fukong Interactive Entertainment Co., Ltd approved the transaction. Haitong Securities Co., Ltd. (SHSE:600837) acted as the financial advisor, Zhonghua Certified Public Accountants LLP acted as the accountant and DeHeng Law Offices acted as the legal advisor for Shanghai Fukong Interactive Entertainment Co., Ltd. Shanghai Fukong Interactive Entertainment Co., Ltd. (SHSE:600634) completed the acquisition of the remaining 49% stake in Shanghai Hongtou Network Technology Co., Ltd. from Shanghai Pintian Venture Capital Partnership Enterprise (Limited Partnership) on October 24, 2017. 51% of the purchase price, being CNY 1.1 billion, was paid on October 18, 2017 and the balance of 49% will be paid within 90 days since the date of transfer of equity.