Jeffrey Kang proposed to acquire 100% stake in Cogo Engineering Services Limited, Comtech Broadband Holding Limited, Comtech Wireless Limited, Long Rise Holdings Limited, Mega Smart Group Limited, Reliable Group Limited and 60% stake in Gold Tech Holdings Limited from Viewtran Group, Inc. (NasdaqGS:VIEW) for $80 million on July 15, 2013. The deal value is to be payable in two installments of which $10 million would be payable on closing and $70 million by the end of 2013. As a condition of the transaction, Jeffrey Kang would be required to pay $0.75 million to Viewtran Group on a quarterly basis for Viewtran Group‘s remaining subsidiaries and the target companies to continue to provide cross guarantees to each other until the end of 2014. The Board of Directors of Viewtran Group has delegated the review and negotiation of the transaction to the Audit Committee, which is comprised of three independent Directors. The transaction will close by the end of 2013. As on September 9, 2013, Jeffrey Kang and Viewtran Group signed letter of intent for the transaction. A portion of the proceeds of the sale will be reserved for Viewtran's buyback program. Upon completion of the transaction, net asset value of Viewtran shares is expected to be more than $6 a share.

As of September 23, 2013, Jeffrey Kang and Viewtran Group signed sale and purchase agreement. The deal is conditional on each of the target company divesting portion of the stakes held by them in their subsidiaries, all necessary licenses, consents, approvals which are required and appropriate for the execution and performance of the agreement having been obtained from relevant third parties and/or governmental or regulatory authorities or bodies. A meeting of stockholders of Viewtran Group to approve the transaction will be held if the transaction is approved by Audit Committee.

Jeffrey Kang completed the acquisition of 100% stake in Cogo Engineering Services Limited, Comtech Broadband Holding Limited, Comtech Wireless Limited, Long Rise Holdings Limited, Mega Smart Group Limited, Reliable Group Limited and 60% stake in Gold Tech Holdings Limited from Viewtran Group, Inc. (NasdaqGS:VIEW) on November 20, 2013. The total purchase consideration was paid on closing.