Kinetix Systems Holdings Limited entered into an agreement to acquire Universal Technology Development Limited from Wang Bo for HKD 26.7 million on October 14, 2021. As per the terms, 185.2 million shares will be issued. Kinetix Systems being satisfied with the results of the due diligence review on the Universal Technology. All necessary authorizations of all relevant governmental or regulatory authorities, agencies or bodies, or any other third party, required for the implementation of the transactions contemplated in the agreement being obtained and maintained. The stock exchange having granted the listing of and permission to deal in, the consideration shares. The long stop date for the transaction is December 31, 2021.

Kinetix Systems Holdings Limited cancelled the acquisition of Universal Technology Development Limited from Wang Bo on January 2, 2022. As the condition precedent have not been fulfilled on or before long stop date and no agreement was reached by parties to extend the long stop date the agreement has lapsed.