Kong Lingfu agreed to acquire 55% stake in Jiangyin Grabene Graphene Photocatalytic Technology Co., Ltd. from Yat Sing Holdings Limited (SEHK:3708) for approximately HKD 29.5 million on May 20, 2019. The consideration shall be paid in cash. Upon Completion, Yat Sing Holdings Limited will no longer have any interest in Jiangyin Grabene Graphene Photocatalytic Technology Co., Ltd. and it will cease to be subsidiaries of Yat Sing Holdings Limited. For the year ended June 30, 2018, Jiangyin Grabene Graphene Photocatalytic Technology Co., Ltd. reported net income of HKD 4.37 million and total revenue of HKD 23 million. The transaction is subject to approval of shareholders of Yat Sing Holdings Limited, regulatory approval and approval by target Board. As on June 24, 2019, the transaction has been approved by the board of Jiangyin Grabene. The proceeds will be used as working capital for Yat Sing Holdings Limited. Red Sun Capital Limited acted as financial advisor to Yat Sing Holdings in the transaction. CNK International Asset Valuation Limited acted as independent property valuer in the transaction.