Chen Weiwu made an offer to acquire the remaining 62% stake in Culture Landmark Investment Ltd. (SEHK:674) from Cheng Yang, Bai Xue, Lei Lei, Tong Jingguo, Yang Rusheng and other shareholders for approximately HKD 220 million on October 18, 2016. Chen Weiwu proposes to acquire 668.25 million shares of Culture Landmark Investment for HKD 0.33 per share in the offer. in a related transaction, Chen Weiwu entered into a sale and purchase agreement to acquire 38% stake in Culture Landmark Investment Limited (SEHK:674) from Cheng Yang and Idea Elite Investments Limited for approximately HKD 140 million on October 18, 2016. Chen Weiwu intends to maintain the listing status of Culture Landmark. The transaction will be financed with a standby loan facility granted by Kingston Securities. An Independent Board Committee, comprising all the independent non-executive Directors namely Tong Jingguo and Yang Rusheng has been formed in order to advise the Independent Shareholders and the Option Holders. Chen Weiwu will be nominated as executive Director and the Chairman of the Board before the end of the Offer. All Directors to resign as directors with effect from the end of the offers. The offer is conditional on valid acceptances on closing in respect of such number of shares which, together with those shares already owned by Chen Weiwu, will result in holding more than 50% of the voting rights of Culture Landmark Investment. The offer is expected to complete by December 23, 2016. The Board of Culture Landmark Investment approved the deal on December 2, 2016. As on December 23, 2016, Chen Weiwu received valid acceptances in respect of 87.34 million. In order to provide additional time for the independent shareholder and option holders offer has been extended from December 23, 2016, to January 13, 2017. Kingston Corporate Finance Ltd. acted as financial advisor for Chen Weiwu. BaoQiao Partners Capital Ltd. acted as financial advisor for Culture Landmark Investment. Donvex Capital Limited acted as independent financial advisor to the Independent Board Committee of Culture Landmark. As of January 9, 2017, offer has become unconditional in all aspects and offer closing date is extended to January 23, 2017. Chen Weiwu completed the acquisition of remaining 62% stake in Culture Landmark Investment Ltd. (SEHK:674) from Cheng Yang, Bai Xue, Lei Lei, Tong Jingguo, Yang Rusheng and other shareholders on January 23, 2017.