W&E Source Corp (OTCPK:WESC) entered into the share purchase agreement to acquire 51% stake in Chengdu Baopiao Internet Co., Ltd. from Wu Hao for CNY 2.6 million on December 15, 2012. The consideration includes CNY 2.55 million in cash and CNY 1.8 million in assumption of debt. According to the terms of the agreement, W&E Source will assume the debt upon execution of the agreement and pay Wu Hao the remaining CNY 0.75 million of the purchase price within 20 days from the execution of the agreement.

Also at execution, W&E Source will pay Chengdu Baopiao CNY 0.2 million as repayment of the debt and satisfy the remaining debt of CNY 1.6 million within 20 day from the execution of the agreement. Chengdu Baopiao has obtained the necessary shareholder approval for the transfer of the shares.