Highlight China IoT International Limited (SEHK:1682) agreed to acquire Highlight Holding Limited from Hong Kong Tang Cheng (International) Investment Limited, Unitech Enterprises Group Limited and other sellers for HKD 52.2 billion on March 20, 2015. As reported, Highlight China IoT International will issue a total of 12.7 billion shares to acquire the entire issued capital of Highlight Holding Limited and the assignment of the First Loan and the Second Loan by Unitech to Highlight China IoT International. Highlight Holding Limited reported net profit after tax of CNY 619.62 million (HKD 783.26 million) and net asset value of CNY 513.21 million (HKD 648.75 million) for the year ended December 31, 2014. An independent Board committee comprising Lau Chi Kit, Chen Yifan and Lam Kai Yeung was established to advise the independent shareholders of Highlight China IoT International in relation to the acquisition. The transaction is subject to approval of independent shareholders of Highlight China IoT International and shareholders of Highlight Holding Limited, consummation of satisfactory due diligence, financial audit of Highlight Holding by Grant Thornton Hong Kong Limited, consent of creditors and approval of listing committee for the listing of, and permission to deal in consideration shares on Main Board of the Stock Exchange, execution of deed of assignment and others. Quam Capital Limited acted as financial advisor to the independent Board committee and the independent shareholders of Highlight China IoT International. The currency conversions were made from oanda.com as on March 25, 2015.

Highlight China IoT International Limited (SEHK:1682) cancelled the acquisition of Highlight Holding Limited from Hong Kong Tang Cheng (International) Investment Limited, Unitech Enterprises Group Limited and other sellers on January 1, 2016.