Purity Investment Limited entered into an agreement to acquire Huifu Payment Limited (SEHK:1806) from a group of shareholders on December 22, 2020. Under the term, Purity will acquire 1.3 billion shares of Huifu Payment. The shareholder of Huifu Payment will get an option to elect cash alternative of HKD 3.5 per share or share alternative of 3,531.22 million new share with an exchange ratio of 2.71. As on January 4, 2021, the Board wishes to announce that 321,451 shares were allotted and issued on January 4, 2021, due to the exercise of 321,451 share options granted under the share option scheme at the exercise price of HKD 1.4 ($0.18). The transaction will be funded from the CMB Facility loan of HKD 1.3 billion for the certain funds period. Huifu Payment Limited will continue to carry on its current business post transaction. Upon the Scheme becoming effective, all Shares will be cancelled. The transaction is subject to 75% approval of disinterested shareholder of Huifu Payment, court approval, approval from stock exchange. Purity Investment Limited received irrevocable undertakings in respect of an aggregate of 828,738,505 Shares, representing approximately 76.87% of the total number of Disinterested Shares in favour of the transaction. Court meeting and General Meeting of shareholders of Huifu Payment Limited is to be held on February 19, 2021 to approve the transaction. As of January 27, 2021, based on the advise from Somerley Capital Limited, Independent Board Committee considered the terms of the transactions are fair and reasonable and recommends to shareholders to vote in favour of transaction and accept the cash alternative and not to take the Share Alternative. An Independent Board Committee, which comprises non-executive Directors, Liu Jun, Wang Hengzhong and Jiang Hong has been established by the Board of Huifu Payment Limited to make a recommendation in respect of the transaction. The transaction has been approved by the court on March 24, 2021. The transaction will be close on June 30, 2021. As of March 25, 2021, the scheme is expected to become effective on March 25, 2021. A further announcement will be made when the Scheme has become effective. China International Capital Corporation Hong Kong Securities Limited acted as a financial advisor to Purity Investment Limited. Benita Yu and Charlton Tse of Slaughter and May acted as legal advisor to Purity Investment Limited. Somerley Capital Limited acted as financial advisor to the Independent Board Committe of Huifu Payment Limited. David Lamb and Angie Chu of Conyers Dill & Pearman (Cayman) Limited acted as legal advisor to Purity Investment Limited.