Pan Asia Data Holdings Inc. (SEHK:1561) signed a share purchase agreement to acquire an additional stake of 23.33% in Lian Yang Guo Rong (Hong Kong) Limited from a group of shareholders for approximately HK$197 million on February 11, 2021. The share purchase agreement is signed with group of shareholders, Shanghai Bai Pai and Shanghai Pu En. Under the terms of the transaction, Pan Asia Data will issue new 69.1 million share to Lian Yang Guo. Pan Asia Data Holdings will purchase 7172 existing Lian Yang Guo Rong (Hong Kong) shares from the sellers. Lian Yang Guo Rong (Hong Kong) reported net loss of HKD 25.35 million and net assets of HKD 27.579 million for the year ended December 31, 2020. The transaction is subject to regulatory approval, due diligence review of Lian Yang Guo, approvals of the Board of Directors and shareholders of Lian Yang Guo, Lian Yang Guo having granted a share option to the subscribe for 0.01 million share in Lian Yang Guo, Pan Asia to grant Lian Yang to participate in Share Award Scheme rights, compliance with all applicable notification, announcement and other requirements under the Listing Rules relating to the share purchase agreement and the transactions contemplated, the Listing Committee of the Stock Exchange shall have granted or agreed to grant and shall not have withdrawn or revoked listing of, and permission to deal in, the consideration shares. If the conditions have not been fully satisfied on March 31, 2021, the share purchase agreement shall cease and determine, and no party shall have any obligations and liabilities thereunder save for any antecedent breaches of the terms hereof. The transaction is expected to close by March 31, 2021. On March 31, 2021, parties to the transaction agreed to extend the long stop date to the day that is seven business days from March 31, 2021. The reason for this extension is to allow more time to obtain regulatory approvals that are part of the conditions. On April 14, 2021, parties to the transaction agreed to further extend the long stop date to May 15, 2021. On May 15, 2021, parties to the transaction agreed to further extend the long stop date to May 31, 2021. As of May 31, 2021, all the conditions have been satisfied and the parties are now finalizing the necessary documents for completion and expect completion to take place within the next few days.