Hengqin Zhong Chang Sheng Qi Hang Investment Centre (Limited Partnership) entered into an equity transaction agreement to acquire 60% stake in AVIC International Vanke Company Limited from AVIC International Holding Corporation and AVIC International Holdings Limited (SEHK:161) for CNY 2.3 billion on January 2, 2018. AVIC International Holding Corporation will sell 12.88% stake for approximately CNY 500 million and AVIC International Holdings Limited will sell 47.12% stake for CNY 1.8 billion. CNY 1.3 billion being 55% of the consideration shall be transferred to a designated account of China Beijing Equity Exchange within two business days after signing of the agreement and CNY 1.1 billion being 45% of the consideration shall be transferred to a designated account of China Beijing Equity Exchange within one month after signing of the agreement. Upon completion of the transaction, AVIC International Holdings Limited will hold no stake in AVIC International Vanke Company Limited. AVIC International Vanke Company Limited reported total assets of CNY 13.06 billion as at June 30, 2017. The transaction is subject to AVIC International Holdings Limited and AVIC International Holding Corporation having completed filing legal procedures regarding the disposal under the agreement in accordance with the relevant laws, AVIC International Holdings Limited and AVIC International Holding Corporation having completed all the procedures in relation to the open offer through China Beijing Equity Exchange in accordance with the relevant laws, rules, regulations and policies and Hengqin Zhong Chang Sheng Qi Hang Investment Centre (Limited Partnership) having completed the approval or authorization procedures in respect of the disposal of 47.12% stake in AVIC International Vanke Company Limited and the disposal of 12.88% equity interest in AVIC International Vanke Company Limited held by AVIC International Holding Corporation in accordance with the relevant laws and its articles of association. The Board of AVIC International Holdings Limited approved the sale on May 17, 2017 and the shareholders’ of AVIC International Holdings Limited approved the sale on October 11, 2017. An independent board committee of AVIC International Holdings Limited comprising Wong Wai Ling, Wu Wei and Wei Wei, being all the independent non-executive Directors, will be established to advise the independent shareholders, among other things, whether the disposal is fair and reasonable and are in the interests of AVIC International Holdings Limited and its shareholders as a whole. Completion shall take place on the date of completion of the business registration and issuance of the new business license of AVIC International Vanke Company Limited by the registration authority. Pan-China Assets Appraisal Co., Ltd acted as the appraiser and Summer Yu Mei Yao and Alex Lam Tin Chi of LCH (Asia-Pacific) Surveyors Limited acted as the valuers in the transaction. Chai Yee Choong of Frontpage Capital Limited acted as the financial advisor to independent board committee of AVIC International Holdings Limited. Hong Kong Registrars Limited acted as the scruitneer to AVIC International Holdings Limited. The proceeds shall be applied towards repayment of interest-bearing liabilities and general working capital of AVIC International Holding Group. Hengqin Zhong Chang Sheng Qi Hang Investment Centre (Limited Partnership) cancelled the acquisition of 60% stake in AVIC International Vanke Company Limited from AVIC International Holding Corporation and AVIC International Holdings Limited (SEHK:161) on January 2, 2019.