Jiang Yu entered into a sale and purchase agreement to acquire Beijing Creative Easy Union Science & Technology Of Saving Development Co. Ltd. from Kirin Group Holdings Limited (SEHK:8109) for HKD 0.58 million (CNY 0.49 million) on October 31, 2017. As per terms, 100% of the equity will be acquired at HKD 1 (CNY 0.85) and the outstanding loan owed by Beijing Creative Easy Union Science & Technology Of Saving Development Co. Ltd. to Kirin Group Holdings Limited will be acquired at HKD 0.58 million, in cash. In related deal, Jiang Yu agreed to acquire Beijing Creative Energy Tiancheng Technology Co., Ltd. For the year ended June 30, 2017, Beijing Creative Easy Union Science & Technology Of Saving Development Co. Ltd. reported revenues of CNY 0.78 million, net profit of CNY 1.7 million and net liabilities of CNY 33.4 million. The transaction is subject to all necessary governmental and regulatory approvals or consents (or waivers), including Stock Exchange, the board of directors of Kirin Group Holdings Limited authorizing the sale and the passing of the necessary resolution by shareholders of Kirin Group Holdings Limited. The directors of Kirin Group Holdings Limited consider the deal as fair and reasonable. All conditions should be fulfilled by the long stop date of December 31, 2017. The deal is expected to close within 14 days after all the conditions are being satisfied. Jiang Yu entered cancelled the acquisition of Beijing Creative Easy Union Science & Technology Of Saving Development Co. Ltd. from Kirin Group Holdings Limited (SEHK:8109) on October 31, 2018.