Li Shuet Wing entered into an equity transfer agreement to acquire Zhihe (Fujian) Technology Co., Ltd. and Ziwo (Fujian) Import & Export Trading Co., Ltd. from BM Mobility Ltd. (SGX:I9T) for CNY 3 million on August 29, 2018. The consideration shall be paid in cash in two tranches i.e. within 14 days upon following the conclusion of the extraordinary general meeting of shareholders of BM Mobility Ltd. to approve the sale, Hong Kong Bangwei Investment Limited shall pay approximately CNY 2.3 million (75% of the consideration) and within 14 days upon receipt of the notice of registration issued by the PRC State Administration for Industry & Commerce in respect of the transfer of shares of Zhihe (Fujian) Technology Co., Ltd. and Ziwo (Fujian) Import & Export Trading Co., Ltd., Li Shuet Wing shall pay approximately CNY 0.7 million (balance 25% of the consideration). For the financial year ended December 31, 2017, Zhihe (Fujian) Technology Co., Ltd. and Ziwo (Fujian) Import & Export Trading Co., Ltd. had net losses of CNY 102.9 million and net liabilities of CNY 53.2 million. As of July 31, 2019, BM Mobility Ltd. announced that they have on June 18,2019, collected CNY 0.6 of the sale consideration. The transaction is subject to the approval of shareholders of BM Mobility Ltd at extraordinary general meeting to be held on April 29, 2019. As per the circular dated April 12, 2019, the Directors of BM Mobility recommend the shareholders to vote in favor of the transaction. As of April 29, 2019, the shareholders of BM Mobility approved the transaction. It is expected that the transaction proceeds will be used for general working capital requirements and growth of the green energy business of BM Mobility. The transaction will result in a gain of approximately CNY 60 million, enhancing BM Mobility Ltd's balance sheet.