Zhili Wang, Debao Wang, Guoan Xu, Qingmao Zhang, Long Lin, Jishan Sun and their respective affiliated entities (Buyer Group) submitted a preliminary non-binding proposal to acquire remaining 56.5% stake in China Customer Relations Centers, Inc. (NasdaqCM:CCRC) for $55.6 million on November 27, 2020. The buyer group will pay $5.37 per share to acquire all of the outstanding shares of CCRC not already owned by the Buyer Group in a going private transaction. The buyer group currently holds 43.48% stake in CCRC. The buyer group intend to finance the acquisition with a combination of debt and equity capital. Equity financing will be provided by the buyer group in the form of cash and rollover equity in CCRC. Debt financing is expected to be provided by loans from third party financial institutions. CCRC Board has formed a special committee of independent and disinterested directors consisting of Tianjun Zhang, Owens Meng, and Jie Xu with Tianjun Zhang servicing as the chairman of the Special Committee, to consider the Proposal. Houlihan Lokey (China) Limited acted as financial advisor and Hogan Lovells acted as legal advisor to CCRC. Zhili Wang, Debao Wang, Guoan Xu, Qingmao Zhang, Long Lin, Jishan Sun and their respective affiliated entities (Buyer Group) cancelled the acquisition of remaining 56.5% stake in China Customer Relations Centers, Inc. (NasdaqCM:CCRC) on March 11, 2021.