Bisu Technology Group International Limited (SEHK:1372) entered into a letter of intent to acquire an unknown stake in Guangdong Xiaolan Keche Company Limited from unknown sellers for CNY 96.8 million on January 18, 2019. The parties intend to enter into a formal agreement within three months after the date of letter of intent. Under the terms, the valuation of Guangdong Xiaolan Keche Company Limited will be not more than 20 times of the estimated profit after taxation for the financial year 2019 of Guangdong Xiaolan Keche Company Limited. Bisu Technology Group International Limited intends to issue not more than 40 million new shares as the consideration. As of January 18, 2019, the sellers own 90.91% stake in Guangdong Xiaolan Keche Company Limited. Bisu Technology Group International Limited, Guangdong Xiaolan Keche Company Limited and the sellers entered into an exclusivity period of three months from the date of letter of intent. The transaction is subject to entering into a formal agreement, Guangdong Xiaolan Keche Company Limited having completed all the necessary reorganization of its group, approvals from government and regulatory authorities, satisfactory completion of due diligence, Bisu Technology Group International Limited having obtained all necessary approval, including any approval from the listing authorities (if required), the approval from the Board and the shareholders (if applicable) and other customary conditions. Bisu Technology Group International Limited (SEHK:1372) cancelled the acquisition of an unknown stake in Guangdong Xiaolan Keche Company Limited from unknown sellers on January 18, 2020.