Tsoi Wai entered into an agreement to acquire an additional 51% stake in Shandong Rongxiang Technology Co., Ltd from Pan Asia Environmental Protection Group Limited (SEHK:556) for HKD 0.01 million on March 27, 2019. Tsoi Wai will pay consideration in cash. Prior to the transaction, Tsoi Wai held 24.99% stake and Pan Asia Environmental Protection Group Limited held 51% stake in Shandong Rongxiang Technology Co., Ltd. After the transaction, Shandong Rongxiang Technology Co., Ltd will no longer be a subsidiary of Pan Asia Environmental Protection Group Limited. The transaction is subject to Pan Asia Environmental Protection Group Limited having obtained all necessary consents and approvals in relation to the disposal including but not limited to the approvals from its members, the Stock Exchange, SFC, relevant government departments or regulatory authorities (if required) and Tsoi Wai having obtained and produced to Pan Asia Environmental Protection Group Limited all necessary consents and approvals in relation to the disposal including but not limited to the approvals from its members, the Stock Exchange, SFC, relevant government departments or regulatory authorities (if required). Pan Asia Environmental Protection Group Limited may at any time waive any of the conditions precedent on the basis of any terms that Pan Asia Environmental Protection Group Limited might further impose. The disposal agreement will lapse if any of the conditions precedent are not met on or before June 27, 2019. The transaction is exempted from shareholders approval. Completion shall take place in 3 business days after fulfilment or waiver (as applicable) of the aforesaid conditions precedent or at any such later date as Pan Asia Environmental Protection Group Limited and Tsoi Wai may agree in writing.