Sharing Economy Investment Limited entered into an agreement to acquire a 60% stake in Gagfare Limited from Leung Tin Lung David for $3.6 million on August 17, 2018. Under the terms, Sharing Economy Investment Limited will acquire 0.3 million shares. The consideration comprises 1.2 million preferred shares of Sharing Economy International Inc., the parent of Sharing Economy Investment Limited, issued at a price of $3.061 per share. Upon completion, Gagfare Limited will be owned as to 60% by Sharing Economy Investment Limited and 40% by Leung Tin Lung David. Leung Tin Lung David guaranteed that the revenue and the net profit of Gagfare Limited for each of the two financial years from January 1, 2019 or the first two years of forecast as in the valuation report shall be not less than the amount as per the revenue and profit forecasts in the valuation report (KPI Guarantee). In the event of non fulfillment of KPI Guarantee, Sharing Economy Investment Limited shall have the right to claim an agreed amount to be compensated by Leung Tin Lung David which will be in the form of either return of consideration shares or proceeds from the sale of consideration shares. The transaction is subject to satisfied completion of due diligence, all requisite consents and approvals from the Travel Agents Registry in relation to the proposed change in ownership and control of Gagfare Limited and the Travel Industry Council of Hong Kong in relation to the proposed change in financial control of Gagfare Limited having been obtained, NASDAQ having granted the approval for the listing of, and the permission to deal in, the consideration shares (if required), shareholders' approval, and other customary conditions. The transaction is expected to complete in thirty business days following the date on which all the conditions precedent are fulfilled or waived with the conditions expected to be fulfilled not later than the long stop date of October 18, 2018. As of November 13, 2018, the expiration date has been postponed to January 18, 2019. Sharing Economy Investment Limited cancelled the acquisition of 60% stake in Gagfare Limited from Leung Tin Lung David on January 19, 2019.