Fairy King Prawn Holdings Limited agreed to acquire Harvest Way Holdings Limited from China Sinostar Group Company Limited (SEHK:485) for HKD 7.5 million on October 31, 2019. Out of total consideration, HKD 1.5 million, being the Deposit, shall be paid to China Sinostar Group Company Limited upon the signing of the agreement and remaining balance of the Consideration of HKD 6 million to be paid within three business days after the date of the agreement. Harvest Way Holdings Limited reported a turnover of HKD 390.50 million, loss before tax of HKD 11.88 million and loss after tax of HKD 13.31 million for the year ended march 31, 2019. Transaction has been approved by the regulatory authorities and other relevant third parties, board of the directors of the Fairy King Prawn Holdings Limited, board of the directors China Sinostar Group Company Limited and from shareholders of China Sinostar Group Company Limited. As of December 17, 2019, China Sinostar's board and independent board approved the transaction and recommended shareholders to vote in favor. independent board committee. comprising Wang Ping, Song Wenke and Zeng Guanwei. Transaction is expected to complete on January 17, 2020. China Sinostar Group Company Limited will use the net proceeds from the disposal for general working capital of its existing business, to conserve more financial resources for the funding of future potential investments. Kim Chan of Nuada Limited acted as financial advisor to the independent board committee. Fairy King Prawn Holdings Limited completed the acquisition of Harvest Way Holdings Limited from China Sinostar Group Company Limited (SEHK:485) on January 13, 2020.