Lee & Man Handbags Holding Limited (SEHK:1488) entered into a sales and purchase agreement to acquire additional 19% stake in Beijing HHG Restaurant Management Co., Ltd from ZHAO Shen, ZHAO Jingjing, WANG Ling and others for CNY 41 million on December 1, 2016. Under the terms of the transaction, Lee & Man Handbags will pay CNY 23.4 million to ZHAO Shen and CNY 0.8 million, CNy 2.2 million, and CNY 12.1 million to ZHAO Jingjing, WANG Ling and Other Sellers respectively on completion and CNY 2.45 million to ZHAO Shen on October 24, 2017. The transaction will be funded through the proceeds of subscription of bonds by Sonic Tycoo Limited. Beijing HHG Restaurant Management reported net assets of CNY 45.9 million and total assets of CNY 133.4 million as of June 30, 2016. The transaction is subject to completion of due diligence, signing of new joint venture agreement, Beijing HHG Restaurant Management obtaining the relevant filing receipt from the relevant department of the Ministry of Commerce of the China. Lee & Man Handbags Holding Limited (SEHK:1488) completed the acquisition of an additional 19% stake in Beijing HHG Restaurant Management Co., Ltd from ZHAO Shen, ZHAO Jingjing, WANG Ling and others on January 9, 2017. Prior to completion, Lee & Man Handbags Holding held 60% stake in Beijing HHG Restaurant. Post-completion, Lee & Man Handbags Holding holds 79% stake in Beijing HHG Restaurant.