According to Fazhong Media's announcement, the company plans to purchase 90.02% of the shares of Chengdu Xinchao Media Group Co., Ltd. from 45 counterparties, including Zhang Jixue, Chongqing Jingdong Haijia E-Commerce Co., Ltd., and Baidu Online Network Technology Co., Ltd., by issuing shares and paying cash. The transaction cost was 7.794 billion yuan. This transaction constitutes a major asset restructuring and related transaction, and does not constitute a restructuring and listing. After the transaction is completed, the company plans to appoint Zhang Jixue as the company's vice president and chief growth officer.

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