Tsinghua Tongfang Co., Ltd (SHSE:600100) entered into a letter of intent to acquire 20% stake in Perfect Major Investment Limited from Z-Obee Holdings Limited for HKD 3 million on June 28, 2016. On January 6, 2017, a formal agreement was signed. On September 26, 2016, Alpha considered the Revised Proposal not viable and recommended that the Listing Committee approves the cancellation of listing of the Shares on the Stock Exchange under Practice Note 17 to the Listing Rules.

The Alpha submitted a formal request to the Stock Exchange on 25 October 2016 for a review of the Second Stage Ruling by the Listing (Review) Committee. The approval from the High Court of Hong Kong has been obtained on August 26, 2016. Yu Ming Investment Management Limited and Altus Capital Limited acted as financial advisor to Tsinghua Tongfang Co.,Ltd. and Z-Obee Holdings Limited respectively.