Zhao Jingfei agreed to acquire 75% stake in Ascent International Holdings Limited (SEHK:264) from Xu Hongwei for approximately HKD 320 million on March 22, 2019. Zhao Jingfei acquired 287 million shares at HKD 1.0975 per share. In a related transaction, Zhao Jingfei made an offer to acquire remaining 25% stake in Ascent International Holdings Limited (SEHK:264). The total amount owed by Xu Hongwei to Mason Securities under the TL Facility Agreement immediately prior to the completion of the transfer was HKD 315.07 million. The purchase consideration for the transfer was satisfied by Zhao Jingfei by payment of a sum of HKD 30 million to Mason Securities as earnest money, HKD 220 million paid in cash to Mason Securities and the remaining sum of HKD 64.7 million was financed by Mason Securities Limited. Other than the HKD 64.76 million financed by Mason Securities, the remaining part of the consideration was funded by the internal resources of Zhao Jingfei. Zhao Jingfei completed the acquisition of 75% stake in Ascent International Holdings Limited (SEHK:264) from Xu Hongwei on March 25, 2019.