China Digital Culture (Group) Limited (SEHK:8175) entered into an agreement to acquire remaining 35% stake in Socle Limited from Chen Qiujin for HKD 58 million on December 28, 2016. Under the terms of the agreement, China Digital Culture will pay HKD 25 million in cash within 15 business days from the execution of the acquisition agreement and remaining HKD 33 million shall be payable in cash by China Digital Culture to Chen Qiujin within 5 business days from the completion. Socle reported HKD 32.97 million of revenue, net profit of HKD 13.31 million, total assets of HKD 103.5 million, net assets of HKD 74.2 million for the year ended, December 31, 2015. The transaction is subject to consummation of due diligence, subject to approval of Board of Directors of China Digital Culture, approval of shareholders of China Digital Culture, all necessary governmental and regulatory approvals or consents (or waivers), including but not limited to those from the Stock Exchange approval, all necessary third party approvals and China Digital Culture obtains sufficient funding to discharge its obligation. Upon completion Socle Limited shall become a wholly-owned subsidiary of China Digital Culture (Group). The transaction is expected to close within five working days after satisfaction of all the conditions. The long stop date for the transaction is March 31, 2017. Graval Consulting Limited acted as valuer in the transaction. China Digital Culture (Group) Limited (SEHK:8175) completed the acquisition of remaining 35% stake in Socle Limited from Chen Qiujin on January 10, 2017.