Liaoning Zhongwang Group Co., Ltd. entered in an agreement to acquire CRED Holding Co., Ltd. (SHSE:600890) in a reverse merger transaction on March 22, 2016. As part of consideration, CRED Holding will issue 3.93 billion shares to China Zhongwang Holdings Limited, ultimate parent company of Liaoning Zhongwang. Also, CRED Holding will allot and issue by way of non-public offer of approximately 702 million placing shares, to no less than six but no more than ten qualified designated investors, at CNY 7.12 per share to raise up to CNY 5 billion. Upon completion of the transaction, Liaoning Zhongwang will hold approximately 75% of the enlarged equity interests in CRED Holding. The transaction is subject to the approval from regulatory authorities as well as shareholders of both Liaoning Zhongwang and CRED Holding. The assets transfer agreement shall become effective upon the fulfillment of the approval of the proposed asset restructuring at the general meeting of CRED Holding, the approval of the proposed asset restructuring at the shareholders’ meeting and directorate of China Zhongwang Holdings, approval of Board of Zhongwang Superior Fabrication, the waiver in respect of the general offer obligations on the part of Zhongwang Fabrication to acquire the remaining A shares of CRED Holding having been approved at the general meeting of CRED Holding, the Liaoning Zhongwang Group having obtained the approval of the proposed spin-off, waiver consent of assured entitlement and no comments letter to the disclosure documents from the stock exchange, the approvals of the proposed asset restructuring by the CSRC and the approvals of the strategic investment of Zhongwang Fabrication in CRED Holding by the Ministry of Commerce of the PRC. The Board of China Zhongwang Holdings Limited and Zhongwang Superior Fabrication approved the transaction on March 22, 2016. The Board of CRED Holding Co., Ltd approved the transaction on March 22, 2016. As of June 6, 2016, the deal has been approved by the stock exchange. As of August 19, 2016, the deal has been approved by the shareholders of Zhongwang Superior Fabrication Investment. As on August 1, 2016, no objection letter was received from the Hong King Stock Exchange for issuing circular to China Zhongwang Holdings Limited’s shareholders. As of August 21, 2016, the independent Board committee of China Zhongwang Holdings recommended the shareholders to vote in favor of the transaction. On September 6, 2016, the transaction was approved by shareholders of China Zhongwang Holdings Limited, ultimate parent company of Liaoning Zhongwang. As on September 6, 2016, the shareholders of CRED Holding Co approved the deal. On August 27, 2018, shareholders of CRED Holding Co approved the supplement agreement. As of August 10, 2018, long stop date has been extended to September 21, 2019. Huatai United Securities Co., Ltd acted as the financial advisor to CRED Holding Co., Ltd. KPMG Hong Kong acted as accountant for China Zhongwang. China Merchants Securities Co., Limited (SHSE:600999) and Caida Securities Co., Ltd. acted as financial advisors and Haiwen & Partners acted as legal advisors for CRED Holding Co., Ltd. Computershare Hong Kong Investor Services Limited acted as registrar, Shenwan Hongyuan (H.K.) Limited acted as financial advisor and Haiwen & Partners acted as legal advisor for China Zhongwang. As on December 28, 2017, China Merchants Securities and Haiwen & Partners were removed from their financial advisory and legal advisory role in the deal. Tian Yuan Law Firm acted as legal advisor to Cred Holding Co.,Ltd. As on June 22, 2018, Cred Holding Co.,Ltd and Tian Yuan Law Firm agreed to terminate the service agreement concerning the reorganization’s legal advisor. Cred Holding Co.,Ltd plans to hire Commerce & Finance Law Offices as new legal advisor. Liaoning Zhongwang Group Co., Ltd. cancelled the acquisition of CRED Holding Co., Ltd. (SHSE:600890) in a reverse merger transaction on August 26, 2019.