Lugang Culture (601599): Termination Of Sale Of 47% Equity Of Tianyi

Lugang culture (601599. SH) announced that the resolution of the third meeting of the sixth board of directors of the company approved the proposal on signing the termination agreement on equity transfer agreement of Zhejiang Tianyi film and Television Co., Ltd;

On December 12, 2019, the company signed the equity transfer agreement with Xinyu shangshanruoshui and Wu Yi. The company plans to sell 47% equity of Tianyi film and television to Xinyu shangshanruoshui. The plan was deliberated and approved by the 25th meeting of the 4th board of directors of the company, but it has not been submitted to the shareholders' meeting for deliberation and has not yet come into effect.

As the controlling shareholder of the company has been changed to Zhejiang Cultural Industry Investment Group Co., Ltd., Zhejiang cultural investment has professional film and television business experience and platform advantages, which will bring new development opportunities to the company and better promote the healthy and sustainable development of listed companies. After negotiation, the company, Xinyu shangshanruoshui and Wu Yi agreed to terminate the equity transfer agreement signed on December 12, 2019, without any further performance by the parties and no legal liability for each other.