360 Ludashi Holdings Limited (SEHK:3601), Tian Ye and Zhang Fanchen entered into an agreement to acquire Wan Lung Securities Limited from Zhao Ping for HKD 14.5 million on June 24, 2020. Under the terms of the transaction, 360 Ludashi Holdings Limited will acquire 80%, Tian will acquire 15% and Zhang will acquire 5% stake in Wan Lung Securities Limited. As part of the acquisition, consideration of HKD 2 million paid by Ludashi Consulting within five business days from the date of the agreement in cash and HKD 12.5 million shall be payable in cash upon completion. In the year ended May 31, 2020 Wan Lung Securities Limited reported net assets of HKD 8.5 million. 360 Ludashi Holdings Limited intends to finance the consideration payable by its internal resources. The transaction is subject to The Securities and Futures Commission and regulatory authorities approvals and expected close on December 31, 2020. 360 Ludashi Holdings Limited (SEHK:3601), Tian Ye and Zhang Fanchen canceled the acquisition of Wan Lung Securities Limited from Zhao Ping on March 4, 2021.