China National Culture Group Limited (SEHK:745) entered into the agreement to acquire Scan And Play (BVI) Limited from Time Leap Limited for HKD 39 million on June 14, 2018. The consideration shall be satisfied by the allotment and issue by China National Culture Group Limited to the Time Leap Limited of 1.95 billion shares. The consideration shall be subject to the adjustment mechanism. Upon Completion, Scan And Play (BVI) will become a wholly-owned subsidiary of China National Culture Group Limited. Scan And Play had total assets of HKD 0.32 million and net assets of HKD 0.32 million as at May 31, 2018. The transaction is subject to the stock exchange having granted listing approval of the consideration shares and completion of the business, financial and legal due diligence. The transaction is expected to be completed by August 31, 2018. As on August 31, 2018, the long stop date is extended to December 31, 2018. As on December 31, 2018, the long stop date is extended to March 31, 2019.