Zhou Zhichang acquired 51% stake in Choudary Limited from Ban Loong Holdings Limited (SEHK:30) for HKD 1.8 million on January 24, 2017. The consideration is paid in cash at completion. As a result of the deal, Choudary Limited ceased to be a subsidiary of Ban Loong Holdings Limited. For the financial year ended March 31, 2016 Choudary Limited reported HKD 30.12 million of revenues. Completion of the deal is not subject to any conditions precedent. Ban Loong Holdings Limited intends to utilize the cash consideration as general working capital of the Group. Zhou Zhichang completed the acquisition of 51% stake in Choudary Limited from Ban Loong Holdings Limited (SEHK:30) on January 24, 2017.