Hao Tian Development Group Limited (SEHK:474) entered into an agreement to acquire 13.5% stake in He Ying Tung Investments Company Limited from Chen Ping for HKD 320 million on July 18, 2019. The consideration will be satisfied through issuance of promissory note on completion. The transaction will be terminated, if the conditions precedent will not fulfilled by October 17, 2019. For period ended December 31, 2018, He Ying Tung reported profits before tax of HKD 20.7 million, loss after tax of HKD 4.8 million and net assets of HKD 2.8 billion. The transaction is subject to consummation of due diligence and approval from regulatory authorities. Completion shall take place on the 5th business day after the fulfilment or waiver of all precedent conditions.