China Fashion Holdings Ltd. (Catalist:5FK) entered into a memorandum of understanding to acquire Golden Rainbow Enterprise Limited from Yenny Nawawi for SGD 39 million on February 20, 2012. China Fashion Holdings Ltd. will issue approximately 560 million shares as consideration. China Fashion Holdings Ltd. (Catalist:5FK) signed a definitive agreement to acquire Golden Rainbow Enterprise Limited for SGX 5.99 million on April 9, 2012. China Fashion is consolidated its entire share capital in the ratio of 5:1. Under the sale purchase agreement China Fashion will issue approximately 103.36 million consolidated shares as consideration.

Golden Rainbow Enterprise reported loss after tax of SGD 0.85 million for the year ended December 31, 2011. The transaction is subject to satisfactory legal and financial due diligence investigations for the listing and quotation of the consideration shares on Catalist, and any condition attached to such approval being fulfilled or waived and approval of the acquisition by China Fashion Holdings's shareholders, loan agreement, approval of security Industry Council. The memorandum of understanding is subject to the execution of definitive agreements. The transaction requires that the liabilities of the Golden Rainbow Enterprise not being more than $3.5 million (SGD 4.4 million). As of August 14, 2012, notice of shareholders meeting of China Fashion Holdings was posted. As of Sepetmber 5, 2012, the transaction is approved by China Fashion Holdings shareholders.

On October 28, 2012, a supplemental agreement to the share and purchase agreement was signed related to the amendment of consideration shares to be 66.4 million new consolidated shares. Ch'ng Li-Ling of RHT Law Taylor Wessing LLP acted as legal advisor to China Fashion Holdings. Asian Corporate Advisors Pte Ltd and Canaccord Genuity Singapore Pte. Ltd acted as sponsors for China Fashion Holdings. The conversions were made through www.oanda.com on February 20, 212.

China Fashion Holdings Ltd. (Catalist:5FK) cancelled the acquisition of Golden Rainbow Enterprise Limited from Yenny Nawawi on October 4, 2013.