S. Culture International Holdings Limited (SEHK:1255) agreed to acquire 51% stake in DSG Asset Management (Cayman) Company and DSG Finance Holdings (Hong Kong) from Xie Hao for HKD 40.8 million on January 19, 2018. Under the terms of the transaction, HKD 10 million shall be payable no later than 10 business days from the date of the agreement as deposit and balance of HKD 30.8 million shall be payable on the completion, out of which HKD 5.1 million shall be payable to an escrow account. The consideration for the acquisition will be financed by a combination of internal resources, equity capital and/or debt financing. The Board of Directors of DSG Asset Management (Cayman) Company and DSG Finance Holdings shall consist of not more than five Directors and the majority shall be appointed by S. Culture International Holdings Limited. The Chairman of the relevant Board of DSG Asset Management (Cayman) Company and DSG Finance Holdings shall be nominated by S. Culture International Holdings Limited. The transaction is subject to written approval from Securities and Futures Commission of Hong Kong.