China National Culture Group Limited (SEHK:745) entered into an agreement to acquire Group Wise Holdings Limited from Liu Yubin for approximately HKD 120 million on March 7, 2016. The consideration will be paid in cash. The consideration is subject to adjustments. As consideration, China National will pay HKD 20 million upon entering into the agreement, HKD 60 million upon completion of the transaction and the remaining HKD 35 million within seven business days depending on the actual and guaranteed profit of Group Wise. Group Wise will operate as a wholly owned subsidiary of China National. For the year ended December 31, 2015, Group Wise reported net liabilities of HKD 0.26 million. The deal is subject to due diligence review, regulatory and third party approvals. If the above conditions have not been satisfied on or before April 30, 2016, the agreement shall cease. The deal is expected to close within 3 business days after the fulfillment of all the conditions.

China National Culture Group Limited (SEHK:745) completed the acquisition of Group Wise Holdings Limited from Liu Yubin in April 2016.