CIL Holdings Limited (SEHK:479) entered into a memorandum of understanding to acquire 51% stake in Wunan Chang Leqing Food Technology Limited from Hu Jian for HKD 40 million on November 22, 2019. The consideration of HKD 40 million will be intended to be satisfied by the cash of HKD 15 million payable after the execution of a formal agreement and the remaining consideration of HKD 25 million will be paid by the issue of 250 million shares at an intended price of HKD 0.1 per share. The transaction is subject to due diligence. The formal agreement will be executed within five business days after the satisfaction result of the due diligence. As of January 17, 2020, CIL Holdings and Hu Jian agreed to extend the due diligence review period for a period of 90 days from the date of the memorandum of understanding and hence the last day of the due diligence review period will be February 19, 2020.