Consumer Capital Group, Inc. (OTCPK:CCGN) (‘CCG') entered into an intent to merge agreement to acquire a 51% stake in Shenzen Won the cloud provider Technology Co. Ltd. from LV Yong for $12.2 million on July 18, 2014. Under the terms of agreement, CCG will issue 3.15 million shares at $2.6 per share. In addition, CCG may issue 1.81 million shares of common stock as the reward for the integrated performance of operation team after merger and all global business performances of the operation and management of the listed company and certain three-year stock options at an exercise price of $2 per share to LV Yong as management incentives after the closing of the transaction. CCG will issue the shares to LV Yong within twenty-five business days, upon the approval of the transaction by relevant Chinese government agencies and registration modification being completed. The agreement shall become effective after LV Yong receives the shares. In addition, CCG has committed to raise $30 million capital within ninety days of the effectiveness of the agreement and reach certain milestones for its stock price. If CCG cannot complete the financing or reach the milestones for its stock price within twelve months of the effectiveness of the agreement, the agreement will be deemed null and void since inception and any share transfer or issuance shall be returned.

The closing of the transaction is subject to approval by appropriate regulatory board in the PRC and the raising of $70 million in equity funding by CCG. An application has been made for approval by Shenzhen City Longhua District Commerce Committee and registration modification by Administration for Industry and Commerce.

Consumer Capital Group, Inc. (OTCPK:CCGN) (‘CCG') cancelled the acquisition of 51% stake in Shenzen Won the cloud provider Technology Co. Ltd. from LV Yong on July 18, 2015.