Hainan Daji Internet Trade Ltd. entered into a conditional memorandum of understanding to acquire not less than 51% stake in China Shun Ke Long Holdings Ltd. (SEHK:974) from Lao Songsheng and certain other shareholders on December 10, 2016. Hainan Daji will acquire at least 148.13 million shares of China Shun Ke Long in the deal. Upon completion of the acquisition, Lao Songsheng will hold not more than 52.8 million shares. Subject to the signing and the completion of the formal agreement, Hainan Daji will make a mandatory general offer to acquire remaining stake in China Shun Ke Long. The deal is subject to the completion of a due diligence exercise, shareholders’ approval of Xian Minsheng Group Co Ltd., filings with and/or approvals from the Ministry of Commerce of the People’s Republic of China (‘PRC’) in relation to potential anti-trust notification and clearance, the local development and reform commission in the PRC, the local bureau of commerce in the PRC and the State Administration of Foreign Exchange of the PRC. On December 12, 2016, it was decided that the offer per share will range from HKD 3.93 to HKD 3.95 and the deal was approved by shareholders of China Shun Ke Long Holdings Ltd. Hainan Daji Internet Trade Ltd. cancelled acquisition of China Shun Ke Long Holdings Limited (SEHK:974) from Lao Songsheng and certain other shareholders on January 23, 2017.