Echo International Holdings Group Limited (SEHK:8218) entered into the sale and purchase agreement to acquire an additional 12% minority stake in Bluemount Financial Group Limited from Zhou Qilin for HKD 7.2 million on April 20, 2021. In a separate transaction, buyer agreed to buy options to further acquire the remaining 58% equity interest in Bluemont. On April 20, 2021, the buyer and Bluemont also entered into the Loan Agreement, pursuant to which the Company has agreed to grant the Loan. Upon Completion, the Company will hold 42.0% equity interest in the Bluemont. The transaction is conditional upon, (i) approval of the agreement by the shareholders, the exercise of any or all of the Options and the resulting Possible VSA, and issue of any or all of the Option Shares, (ii) the approval of SFC of the Company to become substantial shareholder of the Target Company arising from the sale of the Sale Shares to the Company, (iii) due diligence on the Target Group, (iv) Company having received a valuation report on the Target Company and the approval of SFC of the Company etc. The transaction is expected to close on December 31, 2021. Echo International Holdings Group Limited (SEHK:8218) cancelled the acquisition of a 12% stake in Bluemount Financial Group Limited on December 31, 2021. Pursuant to the agreement, if the Conditions have not been fulfilled or waived by at or before 12:00 noon on the Long Stop Date, the Sale and Purchase Agreement shall lapse.