Ho Wan Choi agreed to acquire 90% stake in Shanghai Umitai Medical Technology Co. Ltd from Net-a-Go Technology Company Limited (SEHK:1483) for CNY 22.5 million on April 30, 2024. The consideration consists of CNY 22.50 million in cash.

As part of the consideration, CNY 22.50 million was paid towards common equity. As of March 31, 2024, Shanghai Umitai Medical Technology Co. Ltd reported total assets of CNY 6 million, and net liabilities of CNY 8 million.

The Group intends to apply the sales proceeds for general working capital purposes. The deal is subject to approval from board of directors of Net-a-Go Technology Company Limited and regulatory board. The deal is expected to be completed on or before 30 June 2024.