Christine International Holdings Limited (SEHK:1210) entered into the equity transfer agreement to acquire Hangzhou Jiada Glasses Manufacturing Co., Ltd. from Leong Chan and Su Yi Jiag for CNY 92.9 million on January 8, 2013. Under the terms of deal, a refundable deposit of CNY 1 million was paid, CNY 43.43 million will be paid upon the completion of due diligence exercise by Christine International, CNY 42 million will be paid within five working days following the receipt of ownership certificates with respect to the properties owned by Hangzhou Jiada Glasses by Christine International, CNY 6.5 million within three working days following completion of deal and change of the shareholders, Directors, supervisors and legal representative of Hangzhou Jiada Glasses as designated by Christine International. Christine International will acquire 5000 shares each from Leong Chan and Su Yi Jiag. The deal is funded by the net proceeds from Christine International Holdings Limited received from the initial public offering.

For the year ended December 31, 2011, net loss before taxation of Hangzhou Jiada Glasses was CNY 0.8 million. As of October 31, 2012, current assets of Hangzhou Jiada were CNY 50 million. For ten months ending October 31, 2012 net loss before taxation of Hangzhou Jiada Glasses was CNY 0.12 million. The Directors of Christine International Holdings believe that the terms of agreement are fair and reasonable and deal is in the interests of Christine International Holdings and the shareholders thereof as a whole. The deal can be terminated by mutual agreement between the parties or, in the case agreement cannot be completed as a result of the default by one party. Leong Chan and Su Yi Jiag shall refund all the consideration (including the refundable deposit) paid by Christine International with interest to Christine International within three working days in case of termination.