Vestate Group Holdings Limited (SEHK:1386) entered into the Memorandum of Understanding to acquire 51% stake in Guangdong Mingda Intelligent Equipment Technology Co., Ltd. on September 16, 2020. Vestate Group Holdings Limited (SEHK:1386) entered into agreement to acquire 51% stake in Guangdong Mingda Intelligent Equipment Technology Co., Ltd. from Cheng Zhengwei for approximately CNY 120 million on March 9, 2021. Vestate Group Holdings Limited (SEHK:1386) entered into 2nd supplement agreement with Cheng Zhengwei on June 24, 2021 to amend certain terms and conditions of the amended agreement, major changes of which are summarized as; the Parties agreed to extend the Long Stop Date from 30 June 2021 to 30 September 2021 or such later date as the Parties may agree in writing; upon completion, the Cheng Zhengwei shall execute a share charge over its 49% of the entire equity interests in the Guangdong Mingda Intelligent Equipment Technology Co., Ltd. in favour of the Vestate Group Holdings Limited (SEHK:1386) to secure the due and punctual performance by the Cheng Zhengwei of the Profit Guarantee and all its obligations under the amended agreement. Consideration shall be satisfied by the issue and allotment of 204,882,352 shares of Vestate Group Holdings Limited. Upon Completion, Vestate Group Holdings Limited (SEHK:1386) will be interested in 51% issued share capital of Guangdong Mingda Intelligent Equipment Technology Co., Ltd. and Guangdong Mingda Intelligent Equipment Technology Co., Ltd. will become a direct non-wholly owned subsidiary of Vestate Group Holdings Limited (SEHK:1386). For the year ended December 31, 2019 Guangdong Mingda Intelligent Equipment Technology Co., Ltd. has turnover of CNY 11.9 million and net profit after taxation of CNY 0.08 million. Vestate Group will conduct the due diligence, Cheng Zhengwei and Vestate Group Holdings Limited (SEHK:1386) having obtained all necessary approvals, confirmations, waivers or consents in respect of the Agreement, Vestate Group Holdings Limited shareholders approval, permission having been obtained from the Stock Exchange for the listing of and the dealing in the Consideration Shares. As of September 30, 2021, Vestate Group Holdings Limited entered into 3rd supplement agreement with Cheng Zhengwei to amend the long stop date by extending it from September 30, 2021 to November 30, 2021. As of November 30, 2021, Vestate Group Holdings Limited entered into 4th supplement agreement with Cheng Zhengwei to amend the long stop date by extending it from November 30, 2021 to December 31, 2021.