China Care Holding Group Inc. entered into a Non-Binding Letter of Intent to acquire China De Xiao Quan Care Group Co., Ltd. for CNY 8.4 million in a reverse merger transaction.

China Care Holding Group Inc. entered into a Non-Binding Letter of Intent to acquire China De Xiao Quan Care Group Co., Ltd. (OTCPK:CDXQ) for CNY 8.4 million in a reverse merger transaction on March 27, 2023. The LOI proposes that CDXQ to issue 70 million shares of newly issued unregistered shares of common stock to China care. The Transaction is expected to close no later than June 30, 2023.

Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction and employment agreements, satisfaction of the conditions negotiated therein and approval of the transaction by CDXQ's board of directors, and all applicable state and federal law.