West Lake Electronics Group Co., Ltd. signed share transfer agreement to acquire a 7.74% stake in Wasu Media Holding Co.,Ltd (SZSE : 000156) from Hangzhou Yunxi Investment Partnership Enterprise (Limited Partnership) for approximately CNY 960 million on December 10, 2022. West Lake Electronics will pay CNY 6.678 cash per share for 143,335,500 share representing approximately 7.74% stake in Wasu Media Holding Co. In a related transaction, Zhejiang Yitong Media Investment Co., Ltd. signed a share transfer agreement to acquire a 7.74% stake in Wasu Media Holding Co.,Ltd from Hangzhou Yunxi Investment Partnership Enterprise (Limited Partnership) for approximately CNY 960 million.

Post-closing of these transaction, Zhejiang Yitong and West Lake Electronics Group will each own 7.74% stake in Wasu Media Holding Co. and Hangzhou Yunxi will no longer hold any stake in it. The transaction is subject to due diligence investigation, internal decision-making procedures and the approval of competent state-owned assets authority or competent agency.

On April 19, 2023, West Lake Electronics Group that the transaction had been approved by its internal decision-making body, and agreed to acquire the 7.74% shares of the company held by Yunxi Investment, and reported to the State-owned Assets Supervision and Administration Commission of Hangzhou Municipal People's Government program.