Value Convergence Holdings Ltd. (SEHK:821) entered into a non-legally binding memorandum of understanding to acquire 20% stake in Hackett Enterprises Limited for HKD 180 million on January 16, 2018. Value Convergence Holdings Ltd. will acquire 18% to 20% of Hackett Enterprises Limited for HKD 160 million to HKD 180 million. The Consideration is intended to be settled by way of cash or issue of unsecured convertible bonds of the Value Convergence Holdings Ltd or a combination of both. As of March 8, 2018, Value Convergence Holdings Ltd. entered into share purchase agreement to acquire 18% stake in Hackett Enterprises for HKD 160 million on March 8, 2018. The consideration shall be satisfied by issuance of convertible bonds. As of December 31, 2017, Hackett Enterprises Limited has reported revenue of HKD 72.8 million (CNY 60.6 million), profit before tax of HKD 10.8 million (CNY 9 million), profit after tax of HKD 2.9 million (CNY 2.4 million), net assets (total common equity) of HKD 359.4 million (CNY 299.3 million). The transaction is subject to consummation of due diligence investigation, approval for the listing of conversion shares by the listing committee of the Stock Exchange, passing by the shareholders or independent shareholders of Value Convergence Holdings Ltd. In general meeting of all resolutions required for the transaction, approval from the Board of Directors of Value Convergence, all relevant department authorities’ approval if any, provision of true warranties, written consent from all the other existing shareholders of Hackett Enterprises Limited for the transaction and signing of the Formal Agreement. If the conditions are not fulfilled or waived on or before June 30, 2018, the agreement will terminate and none of the parties shall have any claim against other. On May 3, 2018, the transaction was approved by the shareholders of Value Convergence Holdings. Completion shall take place on third business day after all the conditions have been satisfied or waived.