An unknown buyer signed an agreement to acquire 49% stake in Guangzhou Yinghui Trading Company Limited from Vestate Group Holdings Limited (SEHK:1386) for HKD 50 million on July 2, 2018. HKD 8 million will be paid as deposit and part payment of the consideration on or before July 31, 2018, HKD 22 million shall be payable in cash within 10 days after the completion and HKD 20 million being the balance of the consideration, shall be payable in cash within 10 days after the completion of novation of trade payables and other payables of Guangzhou Yinghui to Vestate pursuant to the Deed of Novation. Guangzhou Yinghui Trading Company reported revenue of HKD 250.57 million, net loss of HKD 65.07 million and net assets of HKD 86.9 million during the year ending March 31, 2018. Deal is subject to the passing of the requisite resolution by the shareholders of Vestate approving the disposal agreement, all necessary consents, licenses and approvals required to be obtained on the part of each party to the agreement, the entering into of the Assignment Deed and Deed of Novation, and the reorganization having been completed. These conditions need to be fulfilled by the date falling six months after the date of the disposal agreement, or such later date as the parties may agree, failing which the agreement will get terminated. The long stop date has been extended from January 2, 2019 to June 30, 2019. As of July 2, 2019, long stop date has been extended from June 30, 2019 to on or before October 31, 2019. On November 1, 2019, long stop date has been extended on or before 28 February 2020. As of March 2, 2020, the long stop date of the transaction has been postponed to on or before June 30, 2020. As of March 13, 2020, the Board of Vestate Group Holdings Limited is optimistic that the outstanding condition of the disposal agreement can be fulfilled on or before the long stop date. If the disposal cannot be completed by June 30, 2020, the parties will not extend the long stop date further and the disposal agreement shall lapse accordingly. The proceeds from the disposal will be used as general working capital for daily operations of Vestate. An unknown buyer cancelled the acquisition of 49% stake in Guangzhou Yinghui Trading Company Limited from Vestate Group Holdings Limited (SEHK:1386) on June 30, 2020. The transaction was terminated as the disposal agreement had been ongoing for around two years with outstanding condition yet to be fulfilled so the agreement could not be completed.