China National Culture & Art Corporation, Wan Boao and Hu Yidong entered into a conditional sale and purchase agreement to acquire 21.53% stake in China National Culture Group Limited (SEHK:745) from Huge Leader Holdings Limited on July 21, 2014. Pursuant to the agreement, Huge Leader has conditionally agreed to sell a total of 1.723 billion shares and 1.811 billion convertible preference shares in China National Culture, of which China National Culture will buy 1.5 billion shares, Wan will buy 223 million shares and 800 million convertible preference shares and Hu will buy 1.011 billion convertible preference shares.

China National Culture & Art Corporation, Wan Boao and Hu Yidong cancelled the acquisition of 21.53% stake in China National Culture Group Limited (SEHK:745) from Huge Leader Holdings Limited on December 24, 2014. The deal got cancelled as the relevant conditions for the transaction have not been met.