Zhu Yixiang acquired additional 51% of shares of Meijia Shell (Global) Lubricant Technology Limited from F8 Enterprises (Holdings) Group Limited (SEHK:8347) for HKD 9 million on March 31, 2022. Target group includes the Target Company and its subsidiaries, namely the HK Subsidiary, the Qianhai Subsidiary and the PRC Subsidiary Zhu Yixiang holding 18% equity interest before this agreement now holding 69% in the Target Company. Li Weinian, holder of 31% equity interest of the Target Company. The net asset value of the Target Group as at 30 September 2021 is approximately HKD 1.60 million.
The Consideration amounts to HKD 9 million which shall be settled in six instalments in the following manner:
(a) the first instalment in the sum of HKD 1.5 million shall be paid on 30 April 2022;
(b) the second instalment in the sum of HKD 1.5 million shall be paid on 31 May 2022;
(c) the third instalment in the sum of HKD 1.5 million shall be paid on 30 June 2022;
(d) the fourth instalment in the sum of HKD1,500,000 shall be paid on 31 July 2022;
(e) the fifth instalment in the sum of HKD1,500,000 shall be paid on 31 August 2022; and
(f) the final instalment in the sum of HKD1,500,000 shall be paid on 30 September 2022.
As at September 30, 2021, Meijia Shell (Global) reported net asset value of HKD 1.6 million. The Disposal is subject to the reporting and announcement requirements, but is exempt from the circular, independent financial advice and independent shareholders' approval requirements under Rule 20.99 of the GEM Listing Rules. Li and the Purchaser will be released and discharged from their obligations and liabilities under the Profit Guarantee upon Completion.

Zhu Yixiang completed the acquisition of additional 51% of shares of Meijia Shell (Global) Lubricant Technology Limited from F8 Enterprises (Holdings) Group Limited (SEHK:8347) for on March 31, 2022.