HNA Ecotech (HK) Co. Limited signed a share and purchase agreement to acquire 61.39% stake in Advanced Card Systems Holdings Limited (SEHK:2086) from Tsui Kam Li, Wong Chi Ho, Wong Chi Kit and Chan Angelica Sheung Ying for approximately HKD 520 million on January 9, 2017. In a related transaction HNA Ecotech (HK) Co. Limited agreed to make a possible mandatory unconditional cash offer to acquire 38.61% stake in Advanced Card Systems Holdings Limited (SEHK:2086) for approximately HKD 330 million. Under the terms of the agreement, HNA Ecotech (HK) Co. Limited will acquire 196.7 million shares under which 127.8 million shares will be sold by Tsui Kam Ling, 29.7 million shares will be sold by Wong Chi Ho, 29.5 million shares will be sold by Wong Chi Kit and 9.2 million shares will be sold by Chan Angelica Sheung Ying. The transaction is subject to completion of due diligence, all necessary consents, licenses, registrations, declarations or filings in respect of the acquisition having been obtained or made, including the approval of the Stock Exchange of Hong Kong, the Securities and Futures Commission of Hong Kong or any other third party and/or competent regulatory authority, Advanced Card Systems Holdings Limited having entered into new liability insurance contracts in respect of its Directors and officers and other customary conditions. If any of the above conditions had not been fulfilled or waived by the HNA Ecotech (HK) Co. Limited on or before January 15, 2017, the sale and purchase agreement will be terminated. Angel Huang of Jones Day acted as legal advisor to HNA Ecotech Group Co. HNA Ecotech (HK) Co. Limited completed the acquisition of 61.39% stake in Advanced Card Systems Holdings Limited (SEHK:2086) from Tsui Kam Li, Wong Chi Ho, Wong Chi Kit and Chan Angelica Sheung Ying on January 13, 2017.