Zhu Yuxian entered into a non-legally binding memorandum of understanding to acquire Jimaoshun Wealth Management Ltd from Zhaobangji Properties Holdings Limited (SEHK:1660) on April 2, 2020. Zhu Yuxian entered into a sale and purchase agreement to acquire Jimaoshun Wealth Management Ltd from Zhaobangji Properties Holdings Limited for CNY 70 million (HKD 76.3 million) on May 21, 2020. The consideration shall be paid upon completion. Jimaoshun Wealth Management Ltd reported net loss of HKD 0.21 million in the year ended March 31, 2020 and net assets of HKD 65.2 million as of March 31, 2020. The transaction is subject to all necessary consents and approvals required to be obtained on the part of Zhaobangji Properties Holdings Limited and members of Jimaoshun Wealth Management Ltd and the representations, warranties and/or undertakings made by Zhaobangji Properties Holdings Limited under the agreement remaining true and accurate in all material respects till completion. Transaction is expected to complete the second business day after the date on which all the conditions have been satisfied with respect to the agreement. Proceeds from the transaction will be used as general working capital of Zhaobangji Properties Holdings Limited and its subsidiaries. Zhu Yuxian completed the acquisition of Jimaoshun Wealth Management Ltd from Zhaobangji Properties Holdings Limited (SEHK:1660) on May 27, 2020. Jimaoshun Wealth Management ceased to be a subsidiary of Zhaobangji Properties Holdings.