Douyin terminates acquisition of Umpay; the target's payment license had previously been suspended for renewal.

On September 30, Hailian Jinhui announced that it had received a letter from Tianjin Tongrong titled "Letter Regarding Termination of the Equity Transfer Agreement." After friendly negotiations between the two parties, Tianjin Tongrong's acquisition of Hailian Jinhui's payment license company, LianDong Advantage, was terminated. Public information shows that Tianjin Tongrong is a company within the Douyin system. Previously, at the end of August this year, LianDong Advantage's payment license renewal was suspended because it fell under the circumstances stipulated in Article 24 of the Administrative Licensing Implementation Measures of the People's Bank of China.