An unknown buyer agreed to acquire 65.9% in China Pearls and Jewellery International City Co. Ltd from Man Sang International Limited (SEHK:938) for approximately CNY 360 million on November 1, 2017. As a part of the transaction, the buyer will acquire sale loan as well. The consideration for the sale loan is equivalent to its face value and the consideration for the sale share shall be the balance of the consideration after deducting the consideration for the sale loan. The consideration will be paid as a refundable deposit of CNY 30 million and the remaining balance shall be paid at completion. The transaction is subject to approval from the shareholders of Man Sang International Limited. If the conditions are not fulfilled by February 28, 2018, the transaction will be terminated. On December 22, 2017, the transaction was approved by the shareholders of Man Sang International Limited. The transaction is expected to close with three business days from fulfillment of conditions. The proceeds will be used for general working capital. An unknown buyer completed the acquisition of 65.9% in China Pearls and Jewellery International City Co. Ltd from Man Sang International Limited (SEHK:938) on January 3, 2018.