FIT Hon Teng Limited (SEHK:6088) entered into the acquisition agreement to acquire Sound Solutions (Zhenjiang) Co., Ltd. from Lijun Lin for approximately HKD 390 million on May 31, 2021. Under the transaction, FIT Hon Teng will acquire 10,000 shares of Sound Solutions (Zhenjiang) Co., Ltd. Consideration will be satisfied by way of allotment and issue of 175,786,984 Consideration Shares. 70,314,794 Shares will be subject to Lock-in period for 18 months from the date of issue. In the event that seller sells any of consideration shares out of 140,629,588 Consideration Shares, he agreed to share the sale proceeds with FIT Hon Teng Limited. Sound Solutions (Zhenjiang) Co., Ltd. reported net loss before taxation and extraordinary items of CNY 265.509561 million (HKD 323.577299 million) and net loss after taxation and extraordinary items of CNY 268.455098 million (HKD 327.167033 million) for the year ended December 31, 2020. The Completion of the transaction is conditional upon, the Investment Commission of the Ministry of Economic Affairs of Taiwan, the Listing Committee granting listing of and permission to deal in the Consideration Shares, the Austrian Federal Competition Authority granting approval of the Acquisition or the prohibition to implement the Acquisition has otherwise fallen away pursuant to the Austrian Cartel Act; and the Federal Minister for Digital and Economic Affairs of the Republic of Austria granting approval of the Acquisition or the prohibition to implement the Acquisition has otherwise fallen away pursuant to the Austrian Investment Control Act. Long stop date of the transaction is October 31, 2021.