Shanzhiling Biological Technology Co., Ltd entered into a non-binding letter of intent to acquire 51% stake in Heyu Biological Technology Corporation (OTCPK:HYBT) on October 8, 2018. The consideration will be subject to certain adjustment provisions. The transaction is subject to customary terms and conditions, including, but not limited to, completion of due diligence, negotiation and execution of definitive transaction documents, delivery of audited and unaudited financial statements of Heyu Biological Technology and approval by the Board of Directors of Heyu Biological Technology Corporation. Shanzhiling Biological Technology Co., Ltd cancelled the acquisition of 51% stake in Heyu Biological Technology Corporation (OTCPK:HYBT) on August 12, 2019.