Dang Yanbao entered into a memorandum of understanding to acquire 75% stake in Mastercraft International Holdings Limited (SEHK:3966) from Simon Leung Yuen Ho and Jerry Denny Strickland Jr. on January 5, 2016. Under the terms, the buyer will acquire 360 million shares, of which Leung Yuen and Jerry Denny each will sell 180 million, representing 37.5% stake. The buyer has delivered to Leung Yuen and Jerry Denny a cashier order of HKD 10 million as earnest money. The consideration for the shares and the payment terms will be subject to further negotiations between the entities. The deal is subject to formal agreement being entered into. The buyer is entitled to conduct due diligence on Mastercraft during a period of 45 days from the payment of earnest money. If an agreement is not entered into on or before the due diligence completion, the earnest money will be forfeited and if the agreement is reached, the money will be treated as partial payment of the total consideration. Dang Yanbao entered into an agreement to acquire 75% stake in Mastercraft International Holdings Limited (SEHK:3966) from Simon Leung Yuen Ho and Jerry Denny Strickland Jr. for HKD 540 million on January 8, 2016. There is no condition precedent. Donvex Capital Limited acted as financial advisor to Mastercraft International Holdings. Joelle Lau of Jones Day acted as legal advisor for Dang Yanbao.

Dang Yanbao completed the acquisition of 75% stake in Mastercraft International Holdings Limited (SEHK:3966) from Simon Leung Yuen Ho and Jerry Denny Strickland Jr. on January 8, 2016.