Riswein Health Industry Investment Co., Ltd. agreed to acquire Beijing Bayhood No.9 Cloud Health Technology Company Limited (Cloud Health) from Huayi Tencent Entertainment Company Limited (SEHK:419) for CNY 10 million on July 14, 2017. The consideration will be paid in two instalments with 50% will be payable within three working days after the agreement and certain agreements for the restructuring have been entered into and taken effect, and the remaining 50% will be payable within three working days after all conditions precedent to completion are satisfied or waived by Riswein Health Industry. As per the terms of the agreement, Beijing Bayhood No.9 Cloud Technology Company Limited (Cloud Technology), a wholly owned subsidiary of Huayi Tencent Entertainment Company Limited (SEHK:419) will transfer certain assets, intellectual property rights, contracts and staff in relation to the operation of the online healthcare business to Beijing Bayhood No.9 Cloud Health Technology Company Limited along with change of office rental arrangement of Cloud Health, as well as a waiver of outstanding debts due from Cloud Health to Cloud Technology. Beijing Bayhood No.9 Cloud Health Technology Company Limited reported net assets of CNY 7.7 million and net loss of CNY 12.8 million. Transaction is subject to certain customary conditions. The whole of the proceeds from the transaction is intended to be used as general working capital of Huayi Tencent Entertainment. The transaction is subject to complete by September 30, 2017.