China Trends Holdings Limited. (SEHK: 8171) entered into sale and purchase agreement to acquire Dooda Innovation Limited for approximately HKD 230 million on January 7, 2011. HKD 11.4 million will be paid in cash by China Trends Holdings Limited within 14 business days from the date of signing of the agreement as deposit, HKD 113.74 million shall be satisfied by China Trends Holdings issuing the convertible bonds at completion and the balance of HKD 102.86 million shall be satisfied by China Trends Holdings issuing the promissory note at completion.

For the year ended December 31, 2009, Dooda Innovation Limited did not record any turnover and recorded a loss before and after taxation of approximately HKD 0.01 million and the net asset value of HKD 61.90 million. According to the unaudited consolidated management accounts of Dooda Innovation Limited prepared for the year ended December 31, 2010, Dooda Innovation Limited did not record any turnover and recorded a loss before and after taxation of approximately HKD 6.34 million. The net asset value of Dooda Innovation Limited as at December 31, 2010 was approximately HKD 90.06 million.

Completion shall be conditional upon and subject to all approvals, consents, authorisations and licenses required to be obtained in relation to the transactions contemplated under the agreement having been obtained, the listing committee of the stock exchange granting the listing of and permission to deal in the conversion shares, consummation of due diligence. The transaction is subject to approval of shareholders of China Trends Holdings. If the conditions have not been fulfilled (or as the case may be, waived by China Trends Holdings) on or before July 29, 2011, or such later date as, the vendor shall forthwith refund the deposit, without interest, to China Trends Holdings and the agreement shall cease and terminate, and thereafter neither party shall have any obligations and liabilities towards each other thereunder save for any antecedent breaches of the terms thereof. Completion shall take place on the third business day after the fulfilment (or waiver) of the conditions or such later date as may be agreed.

As on December 23, 2011, China Trends Holdings Limited (SEHK: 8171) agreed to acquire 20% stake in Dooda Innovation Limited for HKD 22.8 million and would reserve the right to acquire the remaining 80% stake on or before January 1, 2015, by paying convertible bonds of approximately HKD 110 million and promissory note of HKD 91.5 million when net asset value of Dooda Innovation Limited reaches approximately 230 million.

As of August 12, 2013, HKD 91.5 million promissory note turns into the convertible bonds with conversion price HKD 0.04 will be issued.

China Trends Holdings Limited. (SEHK: 8171) completed the acquisition of 20% stake in Dooda Innovation Limited on January 1, 2015. China Trends Holdings will not acquire the remaining 80% of Dooda Innovation because the net asset value of Dooda Innovation did not reach HKD 228 million.