Kiu Hung International Holdings Limited (SEHK:381) entered into agreement to acquire 20% stake in Anhui Fu Lao Wine Development Company Limited from Chen Zongji for CNY 43.2 million on January 15, 2018. Kiu Hung International Holdings Limited will issue 1 billion shares as a part of consideration. Anhui Fu Lao Wine Development Company Limited reported net assets of CNY 44.4 million as of October 31, 2017. Post completion, Anhui Fu Lao Wine Development Company Limited will become an associated company of Kiu Hung International Holdings Limited. The transaction is subject to due diligence, the Listing Committee having granted the listing of, and permission to deal in, the consideration shares, a legal opinion having been issued by the PRC legal adviser appointed by Kiu Hung International Holdings Limited in the form and substance to the satisfaction of the Kiu Hung International Holdings Limited, on the matters relating to the acquisition, Chen Zongji and Anhui Fu Lao Wine Development Company Limited having obtained all necessary consent and approval relating to the acquisition and other conditions. The transaction is expected to close on February 28, 2018. As of February 28, 2018, long stop date is extended from February 28, 2018 to a date on or before April 16, 2018, as additional time is required to fulfill the conditions. As of April 17, 2018, long stop date was further extended to a date on or before May 31, 2018, as additional time is required to fulfill the conditions.