JoyBo International Limited made a proposal to acquire remaining 27.1% stake in Joyce Boutique Group Limited (SEHK:647) from Douglas C. K. Woo and Independent Shareholders for approximately HKD 120 million on December 11, 2019. Under the terms, JoyBo International Limited will acquire 440 million Shares for HKD 0.28 per share and these shares will be cancelled and new shares will be issued to JoyBo International Limited. The acquisition will be funded from internal cash resources of LCJG Limited. After the transaction, Joyce Boutique Group will become wholly owned subsidiary of JoyBo International Limited. The transaction is subject to approval of shareholders of Joyce Boutique Group and the sanction of the transaction and the confirmation of the reduction of the issued share capital of Joyce Boutique by the High Court. The transaction has been recommend by the independent Board Committee of Joyce Boutique Group. The independent Board Committee of Joyce Boutique Group, which comprises the following independent Non-executive Directors, Antonio Chan, Eric K. K. Lo and T. Y. Ng has been formed to advise the independent shareholders on the proposal. As of March 23, 2020, the transaction was approved by the High Court and the shareholders of Joyce Boutique. As of April 21, 2020, High Court sanctioned the scheme under section 229 of Companies Ordinance. The transaction is expected to complete on April 24, 2020. Somerley Capital Limited acted as financial advisor of JoyBo International Limited. Somerley Capital Limited acted as financial advisor for JoyBo International Limited. Halcyon Capital Limited acted as financial advisor for the independent board committee of Joyce Boutique Group. JoyBo International Limited completed the acquisition of remaining 27.1% in Joyce Boutique Group Limited from Douglas C. K. Woo and Independent Shareholders on December 10, 2020.