Shenzhen Jiaxuan Shuzhi Development Company Limited entered into an agreement to acquire Expand Wealth Limited, Shenzhen Yongxin Electric Commerce Company Limited and Expand Thrive Limited from Flying Financial Service Holdings Limited (SEHK:8030) for HKD 15 million on December 30, 2021. In the year ending December 31, 2020, Expand Wealth, Shenzhen Yongxin Electric Commerce and Expand Thrive generated revenues of HKD 23.1 million, net loss of approximately HKD 550 million and had net assets of approximately HKD 170 million. The deal is subject to approval by Flying Financial's shareholders, due diligence, necessary approvals, permits, consents and authorisations as required by laws, regulatory regulations or otherwise. The deal is expected to close by March 31, 2022. As of May 10, 2022, the deal is expected to close by August 31, 2022.
Shenzhen Jiaxuan Shuzhi Development Company Limited completed the acquisition of Expand Wealth Limited, Shenzhen Yongxin Electric Commerce Company Limited and Expand Thrive Limited from Flying Financial Service Holdings Limited (SEHK:8030) on June 29, 2022.