Da Yu Financial Holdings Limited (SEHK:1073) entered in to a sale and purchase agreement to acquire Morgan Finance Limited from First Mariner Capital Ltd for HKD 2.2 million on February 18, 2022. First Steamship acted as guarantor in this deal. The Company intends to fund the Acquisition by its own cash resources. The unaudited net assets of the Target Company as at December 31, 2021 amounted to approximately HKD 4.8 million and profit after taxation is 1.13 million. Completion is conditional upon the following Conditions being satisfied or waived on or before Long Stop Date. The Money Lenders Licence having been renewed and evidence thereof having been provided to the Company at the Company's satisfaction and the Company is satisfied with (i) the due diligence results on the Target Company; and (ii) the composition of the key management of the Target Company. and the Company having obtained all necessary internal approvals in respect of the purchase of the Sale Shares set forth in the Sale and Purchase Agreement, all existing shareholder's loans to the Target Company having been fully written-off and such written-off having been booked in the management accounts of the Target Company, and there being no material adverse change or development in the position or condition, financial, business strategy or otherwise, of the Target Company from December 31, 2020 up to the Completion Date. Completion shall take place on the seventh business day upon all the Conditions have been fulfilled or waived. Transaction is expected to close by March 31, 2022.

Da Yu Financial Holdings Limited (SEHK:1073) completed the acquisition of Morgan Finance Limited from First Mariner Capital Ltd. for approximately HKD 2.2 million on March 1, 2022.