Beijing Huitongda Supply Chain Management Co., Limited entered into an equity transfer agreement to acquire Frog Prince (Fujian) Baby & Child Care Products Co., Limited from Prosperous Future Holdings Limited (SEHK:1259) for CNY 50 million on May 19, 2020. Under the terms of the transaction, the consideration will be paid by offsetting the Consideration against the Outstanding Loan amounting to CNY 50 million. Frog Prince (Fujian) Baby & Child Care Products Co., Limited reported a revenue of approximately CNY 524.5 million, loss before tax of CNY 27.5 million and loss after tax of CNY 27.3 million for the year ended December 31, 2019. Frog Prince (Fujian) Baby & Child Care Products Co., Limited reported net assets of CNY 32.8 million for the year ended April 30, 2020. The transaction is subject to approval of the shareholders of Prosperous Future Holdings and other customary closing conditions. Long Stop Date of the transaction is September 30, 2020. As on September 28, 2020, Beijing Huitongda Supply Chain Management Co., Limited and Prosperous Future Holdings Limited entered into a letter of extension, pursuant to which they agreed to extend the Long Stop Date to December 31, 2020. Merdeka Securities Limited acted as financial advisor to Prosperous Future Holdings Limited. Beijing Huitongda Supply Chain Management Co., Limited cancelled the acquisition of Frog Prince (Fujian) Baby & Child Care Products Co., Limited from Prosperous Future Holdings Limited (SEHK:1259) on December 31, 2020. Transaction lapsed as certain Conditions Precedent have not been fulfilled (or waived) by the Extended Long Stop Date and no agreement was reached by Beijing Huitongda Supply Chain Management Co., Limited and Prosperous Future Holdings Limited to further extend the Extended Long Stop Date.