Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) entered into a share purchase agreement to acquire 64.9% stake in Beijing Feiliu Jiutian Technology Co., Ltd from Beijing NQ Technology Co., Ltd. for CNY 3.2 billion in cash on May 17, 2016. Shenzhen Prince will purchase the remaining equity interest in FL Mobile held by Vincent Wenyong Shi and Jinxin Hengrui by issuing its common stock to them. Shenzhen Prince plans to fund the transaction by equity financing and entered into share subscription agreements with potential investors. Pursuant to the agreement, NQ Mobile will receive 95% of the cash consideration within 10 days of the closing of such equity financing and the remaining 5% of the consideration, unless NQ Mobile breaches the representations and warranties under the Agreement, within 12 months of the date of closing. The transaction and the equity financing are both subject to customary closing conditions and shareholder approval of Shenzhen Prince and regulatory approval by the China Securities Regulatory Commission. Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) cancelled the share purchase agreement to acquire 64.9% stake in Beijing Feiliu Jiutian Technology Co., Ltd from Beijing NQ Technology Co., Ltd. for CNY 3.2 billion in cash on August 25, 2016.