Sun Xue Song and Xue Zhao Qiang entered into an agreement to acquire 56.98% stake in Steed Oriental (Holdings) Company Limited (SEHK:8277) from Forever Aces Limited, Making New Limited and Master Gate Limited for approximately HKD 190 million on June 20, 2016. Under the terms of transaction, Sun Xue Song and Xue Zhao will acquire 114.2 million share of Steed Oriental (Holdings) Company Limited for HKD 1.67 per share. A loan facility of up to HKD 250 million is granted by GTJA Securities. Post-acquisition, Sun Xue will hold 45.58% and Xue Zhao will hold 11.40% stake in Steed Oriental and incurred an obligation to make an unconditional mandatory offer. Pursuant to transaction, Huang Dong Sheng will be redesignated as a non-executive Director of Steed Oriental. Guotai Junan Capital Limited acted as financial advisor for Sun Xue Song and Xue Zhao. Eugene Lai at Stephenson Harwood & Lo acted as legal advisor to Steed. Sun Xue Song and Xue Zhao Qiang completed the acquisition of 56.98% stake in Steed Oriental (Holdings) Company Limited (SEHK:8277) from Forever Aces Limited, Making New Limited and Master Gate Limited on June 22, 2016.