Li Kin Shing entered into an agreement to acquire MZone Network Limited and Sunward Telecom Limited from International Elite Ltd. (SEHK:1328) for approximately HKD 140 million in cash on July 30, 2018. In related transactions, Hony Gold Holdings, L.P conditionally agreed to purchase 50.75% stake in International Elite Ltd. from Li Kin Shing, Kwok King Wa and Ever Prosper International Limited for approximately HKD 550 million, Wang Shuang Yin and Sun Xiao Hong entered into agreements to acquire 11.34% stake in in International Elite Ltd. from Kwok King Wa for approximately HKD 120 million, Hony Gold Holdings, L.P will make a mandatory offer to acquire an additional 39.3% stake in International Elite Ltd. for approximately HKD 430 million, International Elite agreed to spin-off 41.83% stake in Global Link Communications Holdings Limited and International Elite entered into an agreement to acquire Goldstream Capital and Goldstream Securities from HCG and Expand Ocean Limited for HKD 270 million. For the year ended December 31, 2017, Sunward reported revenues of HKD 12.3 million, loss before taxation of HKD 24.8 million, and loss after taxation of HKD 22.2 million and MZone reported loss before taxation of HKD 0.37 million, and loss after taxation of HKD 0.37 million and nil revenues. The unaudited consolidated net asset value of Sunward and MZone as at December 31, 2017 was approximately HKD 120 million. The transaction is subject to all necessary approvals by the Independent Shareholders at the EGM, the consent of the the Executive Director of the Corporate Finance Division of the Securities and Futures Commission in relation to the Disposal Agreement and the transactions contemplated thereunder having been obtained and not having been revoked, all conditions precedent to the respective completion of acquisition of 50.75% stake in International Elite by Hony Gold and the acquisition of Goldstream Capital and Goldstream Securities by International Elite having been fulfilled and/or waived in accordance with the relevant agreements, save for the condition requiring the acquisition of MZone Network and Sunward Telecom to become unconditional. The independent committee of the Board comprising all the independent non-executive Directors, namely Chen Xue Dao, Cheung Sai Ming and Liu Chun Bao, has been established by International Elite to make recommendations to the independent shareholders regarding the transactions contemplated. International Elite intends to use the net proceeds from the disposal for general working capital and funding future business development opportunities of the Group. Lego Corporate Finance Limited acted as financial advisor to International Elite. Li Kin Shing completed the acquisition of MZone Network Limited and Sunward Telecom Limited from International Elite Ltd. (SEHK:1328) on November 29, 2018.