Liaoning Zhongwang Superior Fabrication Investment Limited agreed to acquire Xinjiang CRED Holding Company Limited from CRED Holding Co., Ltd. (SHSE:600890) for CNY 200 million on March 22, 2016. In a related transaction, Liaoning Zhongwang Group Co., Ltd. entered in an agreement to acquire CRED Holding Co., Ltd. in a reverse merger transaction. CRED Holding agreed to acquire Liaoning Zhongwang Group Co., Ltd. for CNY 28.2 billion from Liaoning Zhongwang Superior Fabrication Investment Limited of which CNY 28 billion, equivalent to the balance of the total consideration against the consideration for the CRED Xinjiang Shares and will be satisfied by issuance of 3.9 billion shares by CRED Holding to Zhongwang Fabrication. Xinjiang CRED Holding Company Limited had revenues of CNY 3.3 million, net assets of CNY 72 million and net loss of CNY 7.39 million for the year ending December 31, 2015. The transaction is subject to approval from the shareholders of CRED Holding, approval for the proposed spin-off, completion of related transaction of Liaoning Zhongwang Group and approval from stock exchange. On June 6, 2016, China Zhongwang Holdings Limited obtained approval for the proposed spin off and guarantee for the quota exemptions from the Hong Kong Stock Exchange. On August 1, 2016, China Zhongwang Holdings Limited obtained the no-objection letter on China Zhongwang Holdings Limited’s circular to shareholders from the Hong Kong Stock Exchange. On August 19, 2016, the Board of CRED Holding and Board of China Zhongwang Holdings, parent of Liaoning Zhongwang Superior Fabrication Investment, shareholder and Board of Zhongwang Superior Fabrication Investment approved the deal. As of September 6, 2016, the deal was approved by shareholders of China Zhongwang Holdings Limited. An independent committee has been formed by Wong Chun Wa, Wen Xianjun, Shi Ketong and Lo Wa Kei, Roy all of whom are independent non-executive directors for the transaction. KPMG Hong Kong and RSM Hong Kong acted as accountant for China Zhongwang Holdings Limited, parent of Liaoning Zhongwang Superior Fabrication Investment Limited. Caida Securities Co., Ltd. and China Merchants Securities Co., Limited acted as financial advisor, Ruihua Certified Public Accountants LLP acted as accountant to CRED Holding. Haiwen & Partners acted as legal advisor to CRED Holding and China Zhongwang Holdings. Computershare Hong Kong Investor Services Limited acted as registrar, China United Assets Appraisal Group and Beijing Yatai Lianhua Assets Appraisal Co. Ltd. Acted as valuer to China Zhongwang Holdings. Shenwan Hongyuan Capital (H.K.) Limited acted as financial advisor to the Independent Board Committee and the shareholders of China Zhongwang Holdings. As on December 28, 2017, China Merchants Securities Co.,Ltd. was terminated as a financial advisor and Haiwen & Partners was terminated as legal advisor for Cred Holding Co.,Ltd and Tian Yuan Law Firm was appointed as legal advisor for Cred Holding Co.,Ltd. As on June 22, 2018, Cred Holding Co.,Ltd and Tian Yuan Law Firm agreed to terminate the service agreement concerning the transaction, and Cred Holding Co.,Ltd plans to hire Commerce & Finance Law Offices as legal advisor. Liaoning Zhongwang Superior Fabrication Investment Limited cancelled the acquisition of Xinjiang CRED Holding Company Limited from CRED Holding Co., Ltd. (SHSE:600890) on August 26, 2019.