CCOOP Group Co., Ltd. (SZSE:000564) entered into an agreement to acquire 55.8% stake in China Shun Ke Long Holdings Limited (SEHK : 974) from Lao Songsheng and various individuals for approximately HKD 640 million on January 23, 2017. Pursuant to agreement, Xi'an Minsheng Group Co.,Ltd. will acquire approximately 160 million shares at HKD 3.95 per share. The consideration will be funded from internal resources. The transaction is subject to certain conditions including clearance from the anti-monopoly law authority, approval from government authorities, shareholders of CCOOP Group Co., Ltd. shareholder's approval, warranties remaining true and correct in all aspects, no legal notice issued against company ever, parties having agreed and confirmed the context and format of the Irrevocable Undertaking and Deed of non-competition. The completion of acquisition will take place on 10th business day after the satisfaction of all conditions.

As on February 13, 2017 Xi'an Minsheng Group Co.,Ltd. received shareholders' approval. As on March 13, 2017 Xi'an Minsheng Group Co.,Ltd. got approval for extension time in dispatching composite offer document to the shareholders. Xi'an Minsheng Group Co.,Ltd. has been changed to CCOOP Group Co., Ltd. (SZSE:000564) after shareholder approval on January 23, 2017. A new business license was issued by Xi'an Minsheng for industry and commerce on February 23, 2017, effecting the change of name of Xi'an Minsheng. As on April 13, 2017, CCOOP Group Co., Ltd. has applied to the Executive and the Executive has granted its consent to an extension of time to dispatch the composite offer document by July 6, 2017.

Dakin Capital Limited and Hong Kong International Capital Management Limited acted as financial advisor for CCOOP Group Co., Ltd. Innovax Capital Limited acted as financial advisor for China Shun Ke Long Holdings Limited and Lego Corporate Finance Limited acted as financial advisor to the Independent Board Committee of China Shun Ke Long Holdings Limited. BDO Limited acted as accountant for China Shun Ke Long Holdings Limited.