United Strength Power Holdings Limited (SEHK:2337) agreed to acquire the remaining stake in Eternal Global Investments from Wang Qingguo and Liu Yingwu on September 19, 2019. Under the terms of the transaction, United Strength Power Holdings Limited will pay HKD 100 million in cash and issue 100 million of its common stock to acquire the entire issued share capital of Eternal Global Investments. For the year December 31, 2018, Eternal Global Investments had revenues of CNY 3,827.574 million (HKD 4.2 billion) and profit after tax of CNY 80.298 million (HKD 88.6 million). The deal is conditional on the United Strength Power having completed and being satisfied with the results from the due diligence review over the financial, legal, business, operational and other matters of the Eternal Global, and there being no material change adverse to the financial, legal, business, operational and other matters of the Eternal Global up to the date of the Acquisition Completion; the United Strength Power having obtained and being satisfied with the opinion of its PRC legal advisor, including the due diligence report of the Eternal Global ; the United Strength Power and the Vendors having obtained all requisite approvals, consents, licenses, permits, authorisations, waivers and/or exemptions in respect of the transactions contemplated under the SP Agreement, including any approval and consent from regulatory authorities (if applicable); the Stock Exchange granting the listing of, and permission to deal in, the Consideration Shares and such approval not having been revoked or cancelled prior to the Acquisition Completion; the United Strength Power having obtained the approval in principle from the Listing Committee pursuant to the Rule 14.54 of the Listing Rules with respect to the new listing application and the transactions contemplated there under, and such permission and approval of listing not subsequently having been revoked or cancelled; the Independent Shareholders having passed resolutions at the EGM approving or ratifying (where appropriate) among other things, the SP Agreement and the Specific CS Mandate, the Specific Placing Mandate, the Entrusted Management Agreement and the respective transactions contemplated there under in accordance with the Listing Rules; the execution and delivery of the Entrusted Management Agreement and each of the Business Agreements; the Company having complied with the relevant requirements in the Listing Rules in relation to the Acquisition and the transactions contemplated under the SP Agreement, and having satisfied the Stock Exchange and the SFC accordingly; and the Company having complied with the relevant requirements in the Listing Rules in relation to the Acquisition and the transactions contemplated under the SP Agreement, and having satisfied the Stock Exchange and the SFC accordingly; and the Placing becoming unconditional (other than any conditions that relate to the SP Agreement becoming unconditional). As on July 24, 2020, the transaction was approved by the shareholders of United Strength Power Holdings Limited. As additional time is required for the fulfillment of certain conditions precedent to the SP Agreement, on February 28, 2020, the parties to the SP Agreement entered into a supplemental agreement to extend the long stop date to June 30, 2020. As on June 26, 2020, the parties to the SP Agreement entered into a supplemental agreement to extend the long stop date to September 30, 2020. Chanceton Capital Partners Limited acted as financial advisor to the Independent Board Committee of United Strength Power Holdings Limited.