HengTen Networks Group Limited (SEHK:136) entered into agreement to acquire 51.6% stake in Shenzhen Grandland Intelligent Technology Co., Ltd. from Yip Yuen Sai and Yip Ka Ming, Allen for approximately HKD 5.6 billion in stock on November 21, 2016. Under the terms of the agreement, the consideration will settled by issue of upto 8.08 billion HengTen Networks Group Limited shares. The transaction is subject to due diligence, completion of reorganization, approval of Hong Kong Exchange for listing shares and permission to deal in shares, Yip Yuen Sai and Yip Ka Ming, Allen to deliver to HengTen Networks Group Limited a legal opinion addressed to HengTen Networks Group Limited issued by an external China legal counsel, approved by HengTen Networks Group Limited, confirming that the Reorganization has been duly completed and there is no outstanding liability and any existing shareholders’ agreement or joint venture contract of Shenzhen Grandland Intelligent Technology Co., Ltd having been duly terminated and no outstanding liability thereto and expected to close by December 16, 2016. Shenzhen Grandland Intelligent Technology Co., Ltd. reported net loss after taxation of HKD 4.9 million for December 31, 2015. The transaction is expected to complete on December 16, 2016. As on December 16, 2016, Long stop date has been extended from December 16, 2016 to January 23, 2016, as additional time is required to complete due diligence and preparation of the valuation report. Oanda was used to convert currency on December 31, 2015. HengTen Networks Group Limited (SEHK:136) cancelled the acquisition of Shenzhen Grandland Intelligent Technology Co., Ltd on January 23, 2017.