Great China Mania Holdings, Inc. (OTCBB:GMEC) signed a letter of intent to acquire Concept X Limited from Lee Wor Kuen and Lee Ho Shok Fong for $0.3 million in stock on May 21, 2014. Great China Mania Holdings, Inc. (OTCBB:GMEC) signed a definitive agreement to acquire Concept X Limited from Lee Chi Lun on September 2, 2014. Great China Mania will issue 0.5 million restricted common stock at an issue price of $0.6 per share. The consideration shares will remain restricted and will be locked up for a period of 12 months from the date of completion of the acquisition. Post-acquisition, Concept X will become the wholly owned subsidiary of Great China Mania. Concept X generated approximately $1.4 million revenue for the year ended March 31, 2014. The Board of Directors of Concept X shall remain unchanged after the closing of acquisition. The Chief Executive Officer of Great China Mania Holdings, Inc shall decide the management of Concept X Limited after closing. The Board of Directors of Concept X Limited shall remain unchanged after the closing and the shareholder of Concept X Limited shall remain in his capacity as a Director.

Great China Mania Holdings, Inc will have one week from the date of the letter of intent to conduct all due diligence procedures concerning Concept X. If Great China Mania determines after performing the due diligence that it does not want to enter into a definitive agreement with Concept X, they must notify Concept X of the cancellation of the transaction. The Board of Directors of Great China Mania Holdings and Concept X Limited approved the transaction. The completion of transaction is also subject to cancellation of all payables and loans of Concept X Limited. The transaction is subject to due diligence procedures, audit report of Concept X, all existing unsettled loans and debts of Concept X will be transferred to a third party, cancel all payables and loans owed to shareholder and shareholder's affiliate; and the shareholder of Concept X assumes the liabilities of the net trade payables as of the date of completion of acquisition.

As of December 31, 2014, parties agreed to the terms of a share exchange. GMEC approved the due diligence review and confirmed that all existing unsettled bank loans of Concept X had been transferred to a third party and would not be the responsibility of GMEC at closing. The completion of share exchange is still pending and the completion was incorrectly reported on January 8, 2015.

Great China Mania Holdings, Inc. (OTCBB:GMEC) cancelled the acquisition of Concept X Limited from Lee Wor Kuen and Lee Ho Shok Fong on September 11, 2015.