Ping Shan Tea Group Limited (SEHK:364) entered into a definitive agreement to acquire 10% stake in Perfect Partner International Corporation from Zhou Chonghai for HKD 170 million on June 29, 2016. The consideration will be paid in cash and stocks with HKD 70 million being paid in cash and HKD 100 million being paid in stocks. The deal is subject to each of the boards of directors of the Vendor and the Purchaser having approved the SPA and subject to regulatory approval. As on September 26, 2016, the consideration for the transaction has been reduced to HKD 130 million. The 1st part of the consideration HKD 25 million will be paid in cash and the remaining balance of HKD 100 million will be paid in stocks. The transaction is not subject to approvals from PRC authority. Any dispute arising from or in relation to this agreement shall be submitted to the China International Economic and Trade Arbitration Commission for arbitration pursuant to the arbitration rules in effect at the time of the arbitration application. The long stop date shall be extended to October 31, 2016. As reported on November 14, 2016, the long stop was extended to December 14, 2016.