Shenzhen ZSY Asset Management Co., Ltd entered into a share purchase agreement to acquire 100% stake in Hongkong Bay Securities Limited and Hongkong Bay Asset Management Limited for HKD 23.1 million.

Shenzhen ZSY Asset Management Co., Ltd entered into a share purchase agreement to acquire 100% stake in Hongkong Bay Securities Limited and Hongkong Bay Asset Management Limited for HKD 23.1 million on January 23, 2020. The Consideration for the Disposal is equivalent to the NAV plus the Premium in cash. The Consideration of HKD 4.1 million will be paid on or before 10 February 2020, an amount equivalent to the NAV shall be paid within 5 days after determination of the NAV, HKD 4 million (the Balance Consideration) shall be paid upon final determination of the Tax Dispute.

The transaction is subject to Minority Acquisition being completed and all necessary consents and approvals required to be obtained on the part of the Bay Area Gold Group Limited (SEHK:1194), Shenzhen ZSY Asset Management Co., Ltd and the Hongkong Bay Securities Limited and Hongkong Bay Asset Management Limited in respect of the share purchase agreement and the transactions contemplated thereunder having been obtained and obtaining of a validation order from the High Court. The transaction is subject to regulatory approval and Third Party approval the warranties under the purchase agreement remaining true and accurate in all material respects. Completion of transaction shall take place within 10th business day after the fulfillment of all the conditions.

As of January 22, 2021, the long stop date extended to January 22, 2022. As on January 22, 2022, , the long stop date extended to January 22, 2023.