A group of investors entered into an agreement to acquire 48.92% stake in Key Fit Group Limited from China LNG Group Limited (SEHK:931) for HKD 1 billion in cash on May 18, 2015. Under the terms of the agreement, buyers will acquire 342.46 million shares of Key Fit Group Limited. The buyers include Tsui Annie, Shie Thomas, Ho Ping, Huang Yinrong, Wang Jianming, Jia Minghui, Chung Yick Wing, Chau Kin Shing, Cheung Tuen Ting, Bian Baozhong, Lin Juntao, Li Hiu Yan, Yu Yan Mei, Yu Hung Ping, Chiang Kai Leung, Wang Chun Lin and Chan Hiu Lai Caroline and others. 10% consideration has been paid on signing of the agreement and rest will be paid on completion.

Key Fit Group Limited reported net income of HKD 295.6 million, net asset value of HKD 331 million, turnover of HKD 357 million and profit before tax of HKD 353.19 million for the year ended December 31, 2014. The deal is subject to subscription for approximately 699.9 million shares Key Fit Group of having been completed by China LNG Group, approval by the shareholders of China LNG Group and all necessary approvals or consents from the relevant governmental or regulatory authorities. The deal has been approved by shareholders of China LNG Group. China LNG Group will record a profit of HKD 509.8 million from the sale. HKD 100 million (being 10% of the Consideration which have been received by China LNG upon signing of the Agreement) will be used for the Subscription, approximately HKD 1.2 million will be applied for payment of fees and expenses in connection with the disposal, approximately HKD 600 million will be repaid to Kan for the settlement of the loan and the remaining proceeds of approximately HKD 298.8 million will be used for the development of the LNG businesses, future potential investments and general working capital of China LNG. As reported on July 7, 2015, the Board of Directors of China LNG Group is of the view that the disposal is in the interest of China LNG Group and the terms of the sale and purchase agreement are on normal commercial terms, which are fair and reasonable and in the interest of China LNG Group and shareholders as a whole.

As of August 21, 2015, all conditions to the acquisition were fulfilled and the partial acquisition of 82.62 million shares, representing 12.23% stake in Key Fit Group, was completed. The shares were acquired by Kwoon Cheng Chan, Annie Tsui, Ping Ho, Yinrong Huang, Kin Shing Chau, Jianming Wang, Hiu Yan Li, Spring Ample and AAA Mining. China LNG is undergoing negotiations with the remaining purchasers for an extension of the long stop date, or otherwise, the forfeiture of the respective deposit paid by the remaining purchasers upon the signing of the sale and purchase agreement. Tricor Standard Limited acted as registrar for China LNG Group.