Guangzhou Cornerstone Asset Management Co., Ltd. and Zhili Wang, Chairman of the Board and the Chief Executive Officer of China Customer Relations Centers, Inc. made a preliminary non-binding proposal to acquire remaining 78.4% stake in China Customer Relations Centers, Inc. for approximately $230 million.

Guangzhou Cornerstone Asset Management Co., Ltd. and Zhili Wang, Chairman of the Board and the Chief Executive Officer of China Customer Relations Centers, Inc. made a preliminary non-binding proposal to acquire remaining 78.4% stake in China Customer Relations Centers, Inc. (NasdaqCM:CCRC) for approximately $230 million on November 10, 2018. Offer per share is $16 and will be paid in cash. Guangzhou Cornerstone Asset Management Co., Ltd. and Zhili Wang already own 21.6% stake in China Customer Relations. Buyers intend to finance the acquisition with a combination of equity and debt capital. Equity and debt financing would be provided by the buyers in the form of rollover equity in China Customer Relations Centers and cash contributions from the consortium and other sponsors. This proposal is subject to the execution of the definitive agreements. CCRC's Board has formed a special committee of independent directors consisting of Tianjun Zhang, Owens Meng, and Jie Xu, to consider this proposal. China Renaissance Holdings Limited (SEHK:1911) acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and Conyers Dill & Pearman acted as legal advisors to China Customer Relations Centers. Duff & Phelps, LLC and Duff & Phelps Securities, LLC acted as financial advisor to China Customer Relations Center. Sidley Austin LLP and Maples and Calder (Hong Kong) LLP acted as legal advisor to China Customer Relations Centers.