Gome Finance Technology Co., Ltd. (SEHK:628) entered into an agreement to acquire 47.7% stake in CashBox Group Technology (Hong Kong) Limited from Wong Kwong Yu for approximately HKD 170 million on October 16, 2023. Gome Finance will issue 2.2 billion shares as consideration. CashBox Group reported net asset value of HKD 14.8 million as on June 30, 2023.

Completion of the transaction is subject to due diligence exercise, approval of Gome Finance shareholders, listing of the new shares, execution of employment contract with Li Tengfei. The Independent Board Committee, comprising all the independent non-executive Directors, has been established to advise the independent shareholders. The long stop date is June 30, 2024.