Li Ya Xin entered into sales and purchase agreement to acquire remaining 54.46% stake in Rich Circles Enterprise Limited from Asia Fashion Holdings Limited (SGX:BQI) for CNY 46 million on November 20, 2017. Under the terms, the purchase consideration will be satisfied by a waiver of a CNY 6 million loan due by Asia Fashion Holdings to Rich Circles Enterprise, CNY 5 million deposit by payment of cash within 5 working days from the signing of the sales and purchase agreement and CNY 35 million by payment of cash upon closing of the transaction. Li Ya Xin is the owner of 5,100 ordinary shares representing 45.54% stake in the share capital of Rich Circles Enterprise at the time of announcement and will own 11,200 ordinary shares in the share capital of Rich Circles Enterprise representing 100% stake of Rich Circles Enterprise. The transaction is subject to approval by shareholders of the Asia Fashion Holdings Limited and Board of Directors of Asia Fashion Holdings Limited. On April 20, 2018, the draft circular was submitted in respect of the holding of a shareholders’ special general meeting for obtaining necessary shareholders’ approval to SGX for its clearance and in-principle approval. The shareholders’ special general meeting will be held on June 22, 2018. As of March 26, 2018, the transaction's expected completion date has been extended to June 26, 2018. As of May 15, 2018, the closing of the transaction has been extended to September 26, 2018. Asia Fashion Holdings Limited intends to utilize approximately CNY 11 million of the cash proceeds to make early redemption of the principal amount and accrued interest of the 7% convertible bonds. Additionally, Asia Fashion Holdings Limited intends to utilize approximately CNY 15 million of the cash proceeds to fulfill the first phase capital injection into its WOFE. Asia Fashion Holdings Limited intends to utilize the remaining cash proceeds of approximately CNY 14 million for general working capital purposes. Li Ya Xin cancelled the acquisition of remaining 54.46% stake in Rich Circles Enterprise Limited from Asia Fashion Holdings Limited (SGX:BQI) on August 4, 2019.