Xuan Rui Guo entered into a sale and purchase agreement to acquire 44.6% stake in China Automation Group Ltd. (SEHK:569) from Huang Zhi Yong, Kuang Jian Ping, Yang Hongyan and Xuan Rui Guo for approximately HKD 550 million on June 23, 2016. Under the terms of the agreement, Araco will pay HKD 291.79 million in cash and the remaining consideration was settled by the issue of a promissory note of HKD 257.72 million for 457.93 million shares of China Automation Group Ltd. The consideration was fully settled by the internal resources of Araco and the issuance of a promissory note. Pursuant to the agreement, Huang and Kuang will resign as Directors with effect from the earliest time permitted under the Takeovers Code or by the Executive. Huang and Kuang also resigned as the directors of certain subsidiaries of the company on completion. Araco intends to nominate a new executive Director to the Board with effect from a date no earlier than the date of the composite document or at a date as permitted under the Takeovers Code. Nicholas Norris, David Irvine, Derek Poon, Hong Cheon Wong, David Yun and Joe Chau of Kirkland & Ellis acted as legal advisors to Ascendent Capital Partners. Somerley Capital Limited acted as financial advisor to Consen Group Holding Inc. Optima Capital Limited acted as financial advisor to Independent Board Committee of Consen Group Holding Inc. Xuan Rui Guo completed the acquisition of 44.6% stake in China Automation Group Ltd. (SEHK:569) from Huang Zhi Yong, Kuang Jian Ping, Yang Hongyan and Xuan Rui Guo on June 24, 2016.