China Jinxin Finance Inc., entered into a sale and purchase agreement to acquire Option Best Holdings Limited from Huarong International Financial Holdings Limited (SEHK:993) for approximately HKD 420 million on July 29, 2019. Under terms of the transaction, China Jinxin Finance Inc will acquire entire share capital and all loans and other amounts of Option Best Holdings Limited. As of June 30, 2019 Option Best Holdings Limited reported a net loss of HKD 53.3 million. The transaction can be terminated based on certain conditions. The transaction is expected to close on or before August 26, 2019. It is intended that the proceeds from the disposal be applied towards general working capital of the Group.