Frame Yield International Limited agreed to acquire an additional 35.8% stake in Vantage International (Holdings) Limited from KO Jan Ming, IP Kwok Him and other shareholders for approximately HKD 540 million on June 24, 2020. As per the transaction, Frame Yield International Limited will acquire 603 million shares at price of HKD 0.9 per share and will also acquire 5.8 million options at HKD 0.37 per option. Upon completion, Frame Yield International Limited will hold 49.8% stake in Vantage International (Holdings) Limited. Frame Yield International Limited intends to finance the transaction from a combination of its internal cash resources and external debt financing. The transaction is subject to Vantage International (Holdings) shareholders’ approval and court approval. As of August 21, 2020, the court hearing is scheduled to be held on August 27, 2020. As of September 3, 2020, the Court directed that the meeting of the scheme shareholders and the Court meeting will be held on October 7, 2020. The Independent Board Committee of Vantage International (Holdings) recommended its shareholders that the terms of the proposal are fair and reasonable a vote in favor of resolution to be put in meeting. As of October 7, 2020, the transaction is approved by the shareholders of Vantage International. The court hearing will held on October 16, 2020. As on October 16, 2020, the scheme was sanctioned (without modifications) by the Bermuda Court. The scheme will lapse if it does not become effective on or before December 9, 2020. Alliance Capital Partners Limited acted as financial advisor to Frame Yield International. Luk Fook Capital (HK) Limited acted as financial advisor to the independent board committee of Vantage International (Holdings). Brian Ho of Howse Williams Bowers acted as a legal adviser to Vantage International (Holdings). Angie Chu and Flora Wong of Conyers Dill & Pearman, Hong Kong Office acted as a legal adviser to Vantage International (Holdings).