Chongqing New Century Cruise Co., Ltd. (SZSE:002558) entered into a framework agreement to acquire 99.98% stake in Alpha Frontier Ltd from a group of sellers for CNY 30.5 billion on September 26, 2016. Chongqing New Century Cruise Co., Ltd. entered into an asset acquisition agreement to acquire Alpha Frontier Ltd from a group of sellers on October 20, 2016. Chongqing New Century Cruise will pay the consideration in form of CNY 5 billion in cash and 648 million shares in stock payment. Chongqing New Century Cruise Co., Ltd. will now pay CNY 5 billion in cash and will issue 781.6 million of new shares. As per revised terms, Chongqing New Century Cruise Co., Ltd. will now pay CNY 5 billion in cash and will issue 785.9 million of new shares. As of November 5, 2018, deal terms were revised to pay 1.5 billion shares to the sellers and the proposal making adjustments to the transaction has been approved in the shareholders' meeting of Giant Network. As on July 15, 2019, Alpha Frontier Limited shareholders approved a share repurchase plan under which Alpha Frontier will buyback 50% shares and cancel them. As part of the repurchase, Alpha Frontier will repurchase 23,004 shares leaving 23,001 shares outstanding with shareholders. Accordingly, Chongqing New Century Cruise Co., Ltd. board approved making adjustment in the transaction plans to acquire 42.3% stake in Alpha Frontier (9,730 shares if buyback is completed or 19,459 shares if buyback is not completed). Sellers on the revised transaction structure include Oceanwide Capital Investment Management Group Co., Ltd. (16.3%), Shanghai Hongchang Enterprise Management Co., Ltd. (16.3%), Chongqing Jiezi Business Information Consulting Partnership Enterprise (Limited Partnership) (4%), Jieyi Chuangling (Shanghai) Equity Investment Fund Partnership Enterprise (Limited Partnership) (2.43%), Hongjing Guosheng (Tianjin) Equity Investment Partnership Enterprise (Limited Partnership) (1.63%) and Kunming Jinrun Zhonghai Investment Center (Limited Partnership) (1.63%) for an aggregate consideration of CNY 11.1 billion. On July 16, 2019, Chongqing New Century Cruise signed the agreement with these remaining six sellers, and completion is still pending Chongqing New Century Cruise director approval. As of November 9, 2016, the deal is approved by the shareholders of Giant Network Group Co., Ltd. (previously called Chongqing New Century Cruise Co., Ltd.). The validity of the above proposal is 12 months from the approval date of the company’s 4th special shareholders’ meeting for 2016. As of October 19, 2017, the supervisory board approved the proposal on extending the validity period of the resolution concerning the acquisition of asset through share issuance and cash payment and raising of supporting funds transaction. The transaction is subject to approval from China Securities Regulatory Commission. As of November 23, 2018, Giant Network Group held the 43rd meeting of its 4th Directorate and approved and the shareholders of Alpha Frontier approved the transaction. As of December 10, 2018, the transaction was approved by the shareholders of Giant Network Group Co., Ltd. Li Yonghao, Zhang Qiansheng, Wei Hang, Hu Haifeng and Wang Yufeng of Haitong Securities Co., Ltd. (SHSE:600837) acted as financial advisor, Guan Jianjun, Wu Ming and Li Diming of Grandall Law Firm acted as legal advisor and You Fei and Han Rui of Ernst & Young Da Hua acted as accountant for Giant Network Group Co., Ltd. Fan Zonghui, Lin He, Zheng Yang, Zhang Meng, Wang Nan, Dong Hongyang, Liu Huan, Yin Liang, Li Yue, Tan Danyue, Ding Xiangkun and Mao Chen of The Pacific Securities Co., Ltd. acted as financial advisors while Tang Huadong and Hou Ping of Beijing DHH Law Firm acted as legal advisors for Giant Network Group Co., Ltd. Song Congyue and Tao Yi of Ernst & Young Certified Public Accountants acted as accountants in the transaction.