Alpha Professional Holdings Limited (SEHK:948) entered into the sale and purchase agreement to acquire Great Empire International Group Limited from Wang Bin for approximately HKD 100 million on December 24, 2018. As per terms of consideration, Alpha Professional Holdings Limited will issue approximately 50.8 million shares of Alpha Professional Holdings Limited to Wang Bin. Upon completion, Great Empire International Group Limited will become a direct wholly-owned subsidiary of Alpha Professional Holdings Limited. For the year ended December 31, 2017, Great Empire International Group Limited reported total revenues of HKD 68.5 million, profit before & after taxation of HKD 6.2 million. As of December 31, 2017, Great Empire International Group Limited reported net liabilities of HKD 45.8 million. The transaction is subject to consummation of due diligence conducted by Alpha Professional Holdings Limited; approvals from government and regulatory authorities; all parties having obtained all approvals required under the relevant laws and regulations. The transaction will complete on the fifth business day after all the conditions precedent to the agreement are satisfied. Alpha Professional Holdings Limited (SEHK:948) completed the acquisition of Great Empire International Group Limited from Wang Bin on January 29, 2019. As on September 17, 2019, Alpha Professional Holdings Limited, Starways Global, Wang Bin and Great Empire International entered into a settlement agreement to unwind the deal from its inception. After completion of settle agreement Starways Global shall transfer 40.716 million settlement shares and cash amounting to approximately HKD 18.8 million to Alpha Professional Holdings Limited for cancellation. The settlement is subjected to conditions as approval of independent shareholders.