Huaxin Ventures Limited agreed to acquire Allied Great International Holdings Limited from C.banner International Holdings Limited (SEHK:1028) for CNY 5 million on June 18, 2020. The sale consideration shall be settled in cash at completion. The consideration was arrived after taking negative net asset value of CNY 92.9 million as of May 31, 2020 and tentative valuation of certain immovable property of approximately CNY 160 million owned by Allied Great International Holdings Limited and appreciation and development potential of the immovable property. Share purchase agreement may be terminated upon mutual agreement in writing or if any condition precedent has not been satisfied or waived as at the long stop date. The transaction is financed with the personal financial resources of its ultimate beneficial owner Wu. As of December 31, 2019 Allied Great International Holdings Limited reported a revenue of CNY 1.38 billion, net loss of CNY 302.4 million, total assets of CNY 1.39 billion and net assets of CNY 155.6 million. The transaction is subject to approval of regulatory board and target shareholders. The transaction is approved by the shareholders of C.banner International Holdings Limited in the special general meeting held on July 21, 2020. The transaction is expected to close on or before December 31, 2020.