An unknown buyer signed an agreement to acquire 49% stake in Changsha Innovation Semiconductor Co. Ltd. from China Creative Global Holdings Limited (SEHK:1678) for approximately HKD 230 million on January 12, 2018. The buyer will acquire 0.49 million shares and the deal value will paid in cash at the time of completion. Changsha Innovation Semiconductor had net assets of CNY 128.5 million (HKD 155.59 million) as at June 30, 2017. The deal is subject to approval by shareholders of China Creative Global Holdings Limited and other conditions. The long stop date of the deal is March 11, 2018. As of February 14, 2018, China Creative Global Holdings Limited issued circular to its shareholders. The Board of Directors of China Creative Global Holdings Limited recommended the shareholders to vote in favor of the transaction in general meeting. The expected closing is the date falling the third business day after all conditions specified in the deal have been fulfilled or waived, or such other date as China Creative Global Holdings Limited and the buyer may agree. The proceeds of the deal will be allocated for the working capital of China Creative Global Holdings.