Beijing Hengxing Huawei Commerce Co., Ltd. agreed to acquire remaining 51% stake in Zhongke (Beijing) Fund Management Company Limited from Biosino Bio-Technology and Science Incorporation (SEHK:8247) for CNY 56.1 million on March 13, 2019. As per the terms of transaction, 50% of the consideration which is CNY 28.1 million within 30 days from the date of agreement, 30% of the consideration which is CNY 16.8 million within 180 days from the date of agreement and remaining 20% which is CNY 11.2 million shall be paid before November 1, 2019. Upon completion, Zhongke Fund will be 100% held by Beijing Hengxing, and each of Zhongke Fund and its subsidiaries will cease to be a subsidiary of the Biosino Bio-Technology and Science Incorporation. As of June 30, 2018, Zhongke (Beijing) Fund Management Company Limited reported net assets of CNY 97.5 million. The transaction is subject to obtaining approval from shareholder of Biosino Bio-Technology and Science Incorporation. The AGM of Biosino Bio-Technology and Science Incorporation will held on May 23, 2019. On May 7, 2019, the transaction was approved by the Board of Directors of Biosino Bio-Technology and Science Incorporation and it recommended the shareholders to vote in favor of the resolution at the annual general meeting. On May 23, 2019, the shareholders of Biosino Bio-Technology and Science Incorporation approved the transaction. Biosino Bio-Technology and Science Incorporation intends to apply the net proceeds from the disposal for repayment of bank loans and replenishment of general working capital of the group. Tricor Investor Services Limited acted as registrar to Biosino Bio-Technology and Science Incorporation. The transaction is estimated to be completed within 30 days upon the consideration is fully paid by Beijing Hengxing and that all the necessary registrations with the administration for the industry and commerce in respect of the transfer of Zhongke Fund’s interest, amendments to the articles of the association and change of the directors and the senior management of Zhongke Fund have been completed. Beijing Hengxing Huawei Commerce Co., Ltd. completed the acquisition of remaining 51% stake in Zhongke (Beijing) Fund Management Company Limited from Biosino Bio-Technology and Science Incorporation (SEHK:8247) on December 25, 2019. On December 25, 2019, Beijing Hengxing Huawei Commerce Co., Ltd. settled all of the outstanding balance of the consideration in the amount of CNY 43.1 million. All the conditions precedent have been fulfilled.