Celebrate International Holdings Limited (SEHK:8212) entered into a memorandum of understanding to acquire 75% stake in Hope Securities Limited from David Ki for HKD 50 million on June 15, 2018. Celebrate International Holdings Limited (SEHK:8212) entered into an agreement to acquire Hope Securities Limited from David Ki for HKD 40.7 million on January 28, 2019. Out of total funds, HKD 10 million has been paid as refundable deposit. The transaction will be funded from internal resources. The transaction is subject to further negotiations of definitive agreement, due diligence, SFC granting approval for the change of substantial shareholder, and if applicable, obtaining of all consents from government or regulatory authorities, and Board of Directors or shareholders of Celebrate International. As of January 28, 2019, the transaction is subject to shareholders’ approval of Celebrate International Holdings Limited and other applicable approvals. If the conditions are not fulfilled on or before May 31, 2019, the transaction will be terminated. The transaction is expected to close on the second business days after the fulfillment of the conditions. As of April 26, 2019, shareholders of Celebrate International Holdings Limited have approved the transaction and due diligence requirements were fulfilled. Celebrate International Holdings Limited (SEHK:8212) cancelled the acquisition of 75% stake in Hope Securities Limited from David Ki on August 23, 2019.