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. China Jinxin Finance Inc., cancelled the acquisition of Option Best Holdings Limited from Huarong International Financial Holdings Limited (SEHK:993) on August 26, 2019. Pursuant to the sale and purchase agreement, the deal remained subject to payment of the consideration by China Jinxin Finance Inc., in full on or before August 26, 2019, as agreed between Huarong International Financial Holdings Limited and China Jinxin Finance Inc., in writing. As Huarong International Financial Holdings Limited did not receive payment of the consideration from China Jinxin Finance Inc., on August 26, 2019, completion did not take place.