Greatime International Holdings Limited (SEHK:844) entered into the non-legally binding Letter of Intent to acquire 70% stake in Wuchang District Guomian Community Sunlight Elderly Care Institution, Wuhan East Lake New Technology Development Zone Fozuling Welfare Institution, Wuhan Sunlight Geriatric Hospital, Wuhan Sunlight Nursing Institution, Wuhan Wuchang Sunlight Geriatric Hospital and Wuhan Wuchang District Sunlight Welfare Institution from Zhang Lei and Zhang Yuan for CNY 175 million on August 19, 2019. Under the terms of transaction, 35% (CNY 61.25 million) of the consideration shall be paid in cash while 65% (CNY 113.75 million) of the consideration shall be satisfied by way of the allotment and issuance of the consideration shares by Greatime International Holdings Limited. Greatime International Holdings Limited shall, within 20 business days after the signing of the Letter of Intent, pay the earnest money of CNY 5.6 million. Post completion, the earnest money shall be applied to set off part of the consideration to be payable in cash. Post the payment of earnest money, Zhang Lei and Zhang Yuan shall commence the restructuring i.e.; the change in nature of Wuhan Sunlight Geriatric Hospital, Wuhan Sunlight Nursing Institution and Wuhan Wuchang Sunlight Geriatric Hospital from not-for-profit to for-profit within six months and therefore the completion of the restructuring shall be a condition precedent to the entering into of the definitive agreement. The transaction is subject to the terms of definitive agreement. Completion of the potential acquisition shall take place within eight months from the date of signing of the Letter of Intent. As of December 16, 2021, the Nanjing Intermediate Court made a ruling approving the merger and restructuring scheme of the Five Relevant Wintime Companies.