Brave Peak Limited agreed to acquire 3.7% stake in New Frontier Corporation (NYSE:NFC) from Joy Select Limited for $15.3 million on May 31, 2019. Brave Peak Limited will acquire 1.5 million shares and 0.75 million warrants. After the transaction, Joy Select Limited will no longer hold any equity in New Frontier Corporation. The Board of Directors of Shanghai Shimao Co., Ltd. (SHSE:600823), parent of Joy Select Limited approved the transaction on May 31, 2019. Brave Peak Limited cancelled the acquisition of 3.7% stake in New Frontier Corporation (NYSE:NFC) from Joy Select Limited on May 31, 2020.