Yangtze River Development Limited (NasdaqGS:YERR) entered into an agreement to acquire Hubei Yufeng Terminal Development Limited from Fujian Yuesheng Industrial Development Limited on December 26, 2017. In another transaction, Fujian Yuesheng Industrial Development Limited, Wuhan Wangxi Energy Investment Group Limited, Fujian Taihui Industrial Development Limited, Wuhan Xinhe Industrial Investment Limited, Fuzhou Xiangcen Industrial Limited, Fuzhou Kexin Asset Management Limited, Fuzhou Fuyi Trading Limited and Wuhan Xirong Industrial Limited (the shareholders of Hubei Yufeng Terminal Development Limited) entered into an agreement to acquire Energetic Mind Limited from Yangtze River Development Limited. The consideration for the acquisition will be first offset against both parties of Hubei Yufeng Terminal Development Limited and Energetic Mind Limited leaving the balance of CNY 600 million to be paid by Yangtze River Development Limited to the shareholders of Hubei Yufeng Terminal Development Limited. Yangtze River Development Limited will pay CNY 30 million as a refundable deposit upon initial due diligence and auditing. The remaining CNY 570 million shall be paid at closing in cash or in the form of 7% convertible notes. The agreement shall be effective upon the signing of the legal representative of both Yangtze River Development Limited and Fujian Yuesheng Industrial Development Limited and by affixing the official seal of Fujian Yuesheng Industrial Development Limited. In a related transaction, Fujian Yuesheng Industrial Development Limited agreed to acquire remaining 44.97% stake in Hubei Yufeng Terminal Development Limited from a group of shareholders. After the transaction, Fujian Yuesheng Industrial Development Limited will rename Hubei Yufeng Terminal Development Limited to Wuhan Economic Development Port Limited. The agreement shall be terminated upon obligations of Yangtze River Development Limited and Fujian Yuesheng Industrial Development Limited in accordance with the agreement having been fulfilled and the rights under the agreement having been fully realized or when both parties agreed to rescind the agreement or the acquisition and transfer as stipulated in the agreement having not been approved by the relevant governing authorities. In case of breach of contract, the defaulting party has to pay CNY 30 million as liquidated damages. The transaction is subject to satisfaction of due diligence, the completion of auditing of the financial statements of Hubei Yufeng Terminal Development Limited and approval of relevant regulatory agencies. The Board of Directors and the majority shareholders of Yangtze River Development Limited have approved the transaction. The transaction is expected to be completed no later than March 31, 2018. As of December 28, 2017, transaction is expected to complete by the end of first quarter of 2018. On April 2, 2018, the closing date was amended from March 31, 2018 to April 30, 2018. The transaction is expected to be completed on or around July 31, 2018. Hubei Tianheng Assets Appraisal Limited acted as the appraiser in the transaction. Yangtze River Development Limited (NasdaqGS:YERR) cancelled the acquisition of Hubei Yufeng Terminal Development Limited from Fujian Yuesheng Industrial Development Limited on September 5, 2018. As the parties failed to reach an agreement to further extend the closing deadline for the transaction, parties have terminated the agreement.