National Arts Entertainment and Culture Group Limited (SEHK:8228) made an offer to acquire Convoy Global Holdings Limited (SEHK:1019) on June 22, 2020. As per terms, National Arts Entertainment and Culture Group Limited will issue 7,103.29 million National Arts Shares; 117,299 outstanding share options to subscribe up to 117,299 National Arts Shares; and convertible bonds in the principal amount of HKD 1,244.88 million convertible into 2,263.41 million National Arts Shares. Yu Ming Investment Management Limited acted as financial advisor for National Arts Entertainment and Culture Group Limited. National Arts will pay HKD 10 million advisory fees to Yu Ming Investment Management Limited. As of October 30, 2020, National Arts will pay Yu Ming's financial advisory fees of HKD 2 million by way of issuing new shares of National Arts at the issue price of HKD 0.121 per National Arts share. A total of 16.5 million National Arts shares will be issued to Yu Ming. Yu Ming is interested in 54 million National Arts shares, representing approximately 0.73% of the issued share capital of National Arts. A total of 54 million National Arts shares were issued to Yu Ming as financial advisory fees for the possible offer. As on November 24, 2020, National Arts approached the Convoy Board about a pre-conditional voluntary partial share exchange offer. Completion of the partial share exchange offer is subject to fulfilment or waiver of certain conditions.

National Arts Entertainment and Culture Group Limited (SEHK:8228) cancelled the acquisition of Convoy Global Holdings Limited (SEHK:1019) on March 15, 2021. The transaction was terminated because National Arts Entertainment and Culture Group Limited thinks it has taken longer than the National Arts Board has originally anticipated.