Fan Shi Hoo signed an agreement to acquire approximately 4% stake in Tianjin Yishang Friendship Holdings Company Ltd. from Grand Investment International Ltd. (SEHK:1160) for CNY 12.7 million on December 1, 2017. The deal value is payable in cash by Fan Shi Hoo to Grand Investment International as to (i) HKD 7.5 million (CNY 6.4 million) within five (5) working days from the date of approval of the deal having been obtained from shareholders by Grand Investment International and (ii) the remaining HKD 7.5 million (CNY 6.4 million) within five (5) working days from the date on which the last condition precedent to the deal completion having been satisfied. For the year ending December 31, 2016, Tianjin Yishang Friendship reported turnover of CNY 2.9 billion, profit after tax of 26 million, net asset value of approximately CNY 750 million, total assets of CNY 4.2 billion and operating profit of CNY 30.4 million. The deal is conditional upon including but not limited to those required from the relevant governmental and/or regulatory authorities, Directors, shareholders and third parties (if applicable), the alteration of the articles of Tianjin Yishang Friendship and other conditions. As of January 29, 2018, the transaction is considered fair and reasonable by Board of Directors of Grand Investment International Ltd. and thus recommends shareholders to vote in favor of transaction. As on January 30, 2018, the special general meeting is to be held on February 15, 2018. As on February 15, 2018, shareholders approved the transaction. If the conditions have not been fulfilled on or before the long stop date which is March 31, 2018, the deal will have no further force and effect. As on April 3, 2018, long stop date was extended from March 31, 2018 to May 31, 2018. The deal will become effective on the date on which the last condition precedent to the deal will be satisfied. The proceeds of the deal will mainly be used by Grand Investment International for other investment opportunities. East Asia Sentinel Limited acted as accountant for Grand Investment International Ltd. Fan Shi Hoo completed the acquisition of approximately 4% stake in Tianjin Yishang Friendship Holdings Company Ltd. from Grand Investment International Ltd. (SEHK:1160) on May 28, 2018.