Chen entered into MOU to acquire 55% of stake in Khoon Group Limited (SEHK:924) from Lead Development Investment Limited for approximately HKD 150 million on July 25, 2022. The participants entered into agreement on December 12, 2022. The Possible Transaction is subject to negotiation and execution of a Formal Agreement between the Lead Development and the Potential Purchaser.

The transaction is subject to completion of the Due Diligence to be conducted by the Potential Purchaser. The deadline for Due Diligence extended to November 22, 2022. As per the announcement of December 6, 2022, the deadline for Due Diligence has further extended to December 12, 2022.

Grande Capital Limited acted as financial advisor to Khoon Group and Akron Corporate Finance Limited acted as financial advisor to Chen.