Tianjin Huatianli Trading Co., Ltd. entered into a share transfer agreement to acquire 47.4% stake in SpreadZoom Technologies Co. Ltd. from ZOOM Technologies, Inc. (NasdaqCM:ZOOM) for approximately CNY 20 million on May 14, 2014. Pursuant to the agreement, the final purchase price for will be agreed upon at a later date upon the completion of a third party appraisal. In connection with the proposed transaction, on May 6, 2014, Huatianli paid ZOOM a refundable deposit of CNY 2 million.

For the year ended December 31, 2013, SpreadZoom reported total assets of $24.37 million (CNY 148.91 million), total liabilities of $9.35 million (CNY 57.15 million), net asset value of $15.02 million (CNY 91.76 million), net revenues of $66.92 million (CNY 408.91 million), operating loss of $2.23 million (CNY 13.64 million), loss before tax of $2.18 million (CNY 13.31 million) and net loss of $2.18 million (CNY 13.31 million). The closing is subject to certain closing conditions, including the determination and payment of a final purchase price. The agreement is subject to termination in the event that the parties fail to agree on a final purchase price. The conversions were done through www.oanda.com as on December 31, 2013.

Tianjin Huatianli Trading Co., Ltd. completed the acquisition of 47.4% stake in SpreadZoom Technologies Co. Ltd. from ZOOM Technologies, Inc. (NasdaqCM:ZOOM) on June 11, 2014.