Zhuhai Huafa Group Co., Ltd entered into the Sale and Purchase Agreement to acquire Huajin Financial (International), Huajin International Investment Management and WAG Worldsec Corporate (Target Company Group) from HJ Capital (International) Holdings Company Limited (SEHK:982) for approximately HKD 120 million on September 23, 2020. For the year ended December 31, 2019 Target Company Group has revenue of HKD 58.6 million and loss after taxation of HKD 10.2 million. Immediately after the Completion, the Target Company Group will cease to be the subsidiaries of HJ Capital (International) Holdings Company Limited. Transaction is subject to obtaining all necessary consents, approvals and authorizations from relevant government authorities or other third parties, the Target Company Group having obtained the relevant consents and approvals from third parties. The Independent Board Committee comprising all the independent non-executive Directors has been established to advise the Independent Shareholders. Long stop date of transaction is December 31, 2021. The net proceeds from the Disposal are intended to be used by the Group as (i) reserve for business development of the core business; (ii) general working capital; and (iii) to repay outstanding debts of HJ Capital (International) Holdings Company Limited. The board is of the view that consideration is fair and reasonable and in the interest of shareholders. Directors recommend the Independent Shareholders to vote in favour of the Resolution. As on November 30, 2020, the transaction is approved by shareholders of HJ Capital. Somerley Capital Limited acted as independent financial adviser to HJ Capital (International) Holdings Company Limited.