Yang Jun signed a share purchase agreement to acquire 58.4% stake in S. Culture International Holdings Limited (SEHK:1255) from Chong Hok Hei Charles, Chong Hok Shan, Chong Hot Hoi, Chu Chun Ho Dominic, Chu Chun Wah Haeta, Chu Yuen Fan Peggie, Wong May Heung, Wu Se and Chu Siu Ming for approximately HKD 470 million on January 12, 2017. Yang Jun will acquire 116.8 million shares at an offer per share of HKD 4. Out of HKD 470 million, HKD 317.3 million shall be on completion by way of electronic transfer to the designated account as provided by the vendors, a sum of HKD 30 million shall be payable by the Yang Jun to the vendors on completion, which shall then be applied by the vendors and a sum of HKD 120 million shall be paid on completion into an escrow account as a performance bond. Yang Jun shall finance and satisfy the consideration payable under the sale and purchase agreement with its internal resources. Upon receipt of part of the purchase price, the earnest money of HKD 15 million which has been paid under the escrow arrangement shall be released by the escrow agent on the completion date. The transaction is subject to approval by the shareholders of S. Culture International Holdings Limited, agreement becoming unconditional, third party approval and regulatory approval. The transaction is expected to be completed three days from the approval of last condition. Long stop date for the transaction is April 30, 2017. Under the amended terms of the transaction, HKD 317.3 million shall be on completion by way of electronic transfer to the designated account as provided by the vendors and a sum of HKD 120 million shall be paid on completion into an escrow account as a performance bond in the form of promissory notes. Also the transaction is no more conditional on the approval by the shareholders of S. Culture International Holdings Limited and the agreement becoming unconditional. RHB Capital Hong Kong Limited acted as financial advisor for S. Culture International Holdings Limited and Octal Capital Limited acted as financial advisor for Yang Jun. As of April 28, 2017, Second supplemental agreement has been signed to extend the long stop date from April 30, 2017 to June 30, 2017.