Guo Junyan agreed to acquire Speedy Glory Limited from Time2u International Holding Limited (SEHK:1327) for approximately HKD 180 million on May 2, 2017. The total consideration shall be satisfied by cash. A consideration of HKD 40 million shall be payable by the purchaser on signing of the agreement, HKD 40 million to be paid within 14 business days upon completion and the remaining balance will be payable within 6 months after completion. Guo Junyan will acquire shares and loan of Speedy Glory Limited. Speedy Glory reported net loss of CNY 318.32 million (HKD 355.49 million) and net assets of CNY 165.266 million (HKD 184.56 million) in 2016. The transaction is subject to approval by shareholders of Time2u International, the Guo Junyan having completed its due diligence review on the business, financial, legal and other aspects of Speedy Glory Limited and receipt of all necessary authorizations and approvals. As of September 9, 2017, the transaction was approved by the Board of Directors of Time2u International Holding Limited. Completion shall take place on or before July 30, 2017. As of July 13, 2017, the long stop date was extended to September 30, 2017 as more time is required for the fulfillment of the conditions precedent. As on September 26, 2017 extraordinary general meeting was held and the shareholders Time2u International approved the transaction. The proceeds from the disposal will be used for general working capital and/or possible investment opportunities of Time2u International Holding Limited’s Group as and when appropriate.