Tech Pro Technology Development Limited (SEHK:3823) entered into an agreement to acquire remaining 50% stake in Shanghai Fuchao Investment Company Limited from Fan Lin for approximately CNY 390 million on June 3, 2016. Under the terms of the agreement, Tech Pro Technology will pay sum equivalent to the amount due to Shanghai Fuchao from Tech Pro Technology Development Limited or its associates as at completion date and balance of the consideration to be settled by issuing shares at the issue price of HKD 2.50 each share in six equal installments over six years after completion. Upon completion, Shanghai Fuchao Investment Company Limited will become a wholly-owned subsidiary of Tech Pro Technology Development Limited. Shanghai Fuchao Investment reported an annual revenue of CNY 69.6 million, profit after tax of CN 52.6 and net assets of CNY 261.3 million for year ended on December 31, 2015. The acquisition is subject to approval by Tech Pro Technology Development Limited shareholders, listing of the consideration shares and other customary conditions. Completion is expected to occur two business days post the satisfaction of the precedent deal conditions. Tech Pro Technology Development Limited (SEHK:3823) cancelled the acquisition of remaining 50% stake in Shanghai Fuchao Investment Company Limited from Fan Lin on August 31, 2016.