Ng Shui Wai entered into a share purchase agreement to acquire Shijiazhuang Enjian Bus Advertising Co. LTD from Inno-Tech Holdings Limited (SEHK:8202) for CNY 0.5 million on August 15, 2019. Ng Shui Wai will acquire 0.01 million share of Shijiazhuang Enjian Bus Advertising Co. LTD and the consideration will be paid in cash at a time of completion. The intercompany loan of approximately HKD 17.1 million (CNY 15 million) owed by Shijiazhuang Enjian Bus Advertising to the remaining group will be waived upon completion. For the the year ended June 30, 2019, the revenue of Shijiazhuang Enjian Bus Advertising Co. LTD is HKD 4.2 million (CNY 3.7 million), net income is HKD 2.7 million (CNY 2.4 million) and total common equity is approximately HKD 37.8 million (CNY 33.2 million). Upon completion, Shijiazhuang Enjian Bus Advertising Co. LTD will cease to be a subsidiary of Inno-Tech Holdings Limited. The transaction is subject to the board and shareholders approval of Inno-Tech Holdings Limited, regulatory approval and also subject to due diligence. The gross proceeds will be used for the working capital for the year ending June 30, 2020. The transaction is expected to be completed on or before December 31, 2019. Ng Shui Wai cancelled the acquisition to acquire Shijiazhuang Enjian Bus Advertising Co. LTD from Inno-Tech Holdings Limited (SEHK:8202) on November 21, 2019.