Sincere View International Limited signed a share purchase and loan transfer agreement to acquire 26.86% stake of AVIC Joy Holdings (HK) Limited (SEHK:260) from Billirich Investment Limited, AVIC International (HK) Group Limited and AVIC Joy Air Holdings Limited on September 15, 2020. The target price per share is HKD 0.026 and it will be paid in cash. As on announcement, a deposit of HKD 11.4 million has been paid to AVIC HK Group for shares. Sincere View International will acquire 1,596.43 million shares. Billirich will sell 1,031.6 million shares representing approximately 17.36% of share capital, AVIC International (HK) Group will sell 504.02 million shares, representing approximately 8.48% of issued share capital and AVIC Joy Air Holdings agreed to sell 60.8 million shares, representing 1.02% of the issued share capital of AVIC Joy Holdings (HK). This transaction also includes acquisition of loans from AVIC International (HK) Group Limited, AVIC Joy Air Holdings Limited and Joy Air Holdings for an consideration of HKD 34.2 million. As a result of the transaction, Billirich Investment Limited, AVIC International (HK) Group Limited and AVIC Joy Air Holdings Limited will hold no shares in AVIC Joy Holdings. The Board considers that the change in shareholdings will not have any material impact on the financial position and operation of the AVIC Joy Holdings. This transaction is conditional upon the listing status of the target has not been revoked and the trading of the target Shares has not been suspended by the Stock Exchange, approval by AVIC and AVIC International, separate novation agreements have been agreed and entered into between AVIC International (HK) Group Limited, Joy Air Holdings, AVIC Joy Air and the Purchaser in relation to the transfer of target loans. The Board of AVIC International Holding (HK) Limited intends to apply the net proceeds from the disposal as general working capital of the Group.