Sincere View International Limited cancelled the acquisition of 7 subsidiaries from Citychamp Watch & Jewellery Group Limited.

Sincere View International Limited has agreed to acquire 7 subsidiaries from Citychamp Watch & Jewellery Group Limited (SEHK:256) for HKD 1.5 billion on December 16, 2020. The 7 subsidiaries of Citychamp Watch & Jewellery Group Limited had net profit of HKD 121.4 million. The transaction is subject to approvals from the independent shareholders of Citychamp Watch & Jewellery Group Limited and financial due diligence. On March 25, 2021, the transaction was approved by the shareholders of Citychamp Watch & Jewellery Group Limited. As of June 25, 2021, the Long Stop Date is extended from June 30, 2021 to September 30, 2021. As of September 30, 2021, the Long Stop Date is extended from September 30, 2021 to December 31, 2021. Merdeka Corporate Finance Limited acted as the financial advisor for independent Board Committee and the independent shareholder of Citychamp Watch & Jewellery Group Limited. Tricor Secretaries Limited acted as the registrar for Citychamp Watch & Jewellery Group Limited.

Sincere View International Limited cancelled the acquisition of 7 subsidiaries from Citychamp Watch & Jewellery Group Limited (SEHK:256) on January 3, 2022. Since the continuous waiting for the completion to take place is not at the best interest of Sincere View International Limited and the shareholders as a whole, the transaction was terminated.