Shanghai Fukong Interactive Entertainment Co.,Ltd (SHSE:600634) signed an equity transfer agreement to acquire 51% stake in Ningbo Baida Network Technology Co., Ltd from Ningbo Shangyou Network Technology Partnership for CNY 1.4 billion on December 15, 2017. Under the terms of the transaction, first installment of CNY 1.1 billion will be paid within 60 days since the signing of the relevant equity transfer agreement and the remaining deal value of approximately CNY 270 million will be paid within 60 days since the change of registry of the underlying equity. The transaction has been approved by the Board of Directors of Shanghai Fukong Interactive Entertainment Co.,Ltd during the 14th meeting of the 9th directorate.