Jeneration Holdings Limited signed an agreement to acquire AXA Wealth Management (HK) Limited from AXA SA (ENXTPA:CS) for HKD 2.2 billion on December 22, 2017. The consideration will be fully paid at closing and will be representing an implied 1.4x EV multiple. The proposed transaction is subject to customary conditions and regulatory approvals. The transaction is expected to be finalized by the end of 2018 or early 2019. Citi Group, Inc. acted as the financial advisor to AXA SA. Morgan Stanley acted as advisor to Kingkey Enterprise Holdings and QianHai Xinhuakang Financial Holdings the Parent of Jeneration. Paul Chow, Kai Sun and Nicholas Cheung of Davis polk acted as legal advisors to Jeneration Holdings Limited An unknown buyer cancelled the acquisition of AXA Wealth Management (HK) Limited from AXA SA (ENXTPA:CS) on December 22, 2018.