A group of investors comprising Shuipan Lin, Tiancheng Int'l Investment Group Limited, Chong Waisum, Wisetech Holdings Limited, Windtech Holdings Limited and Jinlei Shi made a non binding proposal to acquire remaining 34.36% stake in Exceed Company Ltd. (NasdaqGS:EDS) for $11.6 million on August 17, 2013. The group of investors already had 22.1 million shares of Exceed Company and will acquire 11.06 million shares of Exceed Company Ltd. Shuipan Lin is the Chairman and Chief Executive Officer of Exceed Company Ltd. Consideration is being financed by Shuipan Lin with a combination of equity and debt. Exceed Company has agreed to pay a termination fee of $1 million and Exceed Company would be paid a termination fee of $2 million. The go-shop period end date is 40 days from the date of agreement.

A group of investors comprising Shuipan Lin, Tiancheng Int'l Investment Group Limited, Chong Waisum, Wisetech Holdings Limited, Windtech Holdings Limited and Jinlei Shi made a non binding proposal to acquire remaining 33.47% stake in Exceed Company Ltd. (NasdaqGS:EDS) for $20.6 million on December 2, 2013. Under the terms of agreement, offer per share is $1.78 per share. The transaction is subject to definitive agreement, obtaining equity financing, customary closing conditions, including the approval by an affirmative vote of shareholders representing more than 70% of the outstanding shares of the Exceed Company. The Board of Directors of Exceed Company acting upon the unanimous recommendation of the independent committee formed by the Board of Directors approved the agreement and resolved to recommend that the Exceed Company's shareholders to vote to authorize and approve the agreement. The Board of Directors has formed a special committee consisting of Jin Jichun, Chen Yea-Mow and Pang Xiaozhong, each an independent non Executive Director. The transaction is expected to close in the first quarter of 2014. On March 25, 2014, Exceed announced an extraordinary general meeting of shareholders to be held on April 16, 2014.

On April 16, 2014, Exceed adjourned the extraordinary general meeting of shareholders to a later date. The board of directors of Exceed determined that the adjournment was in the best interests of its shareholders because Lin had advised the Exceed that he required additional time to obtain the contemplated financing for the proposed transaction, which he anticipated receiving by May 31, 2014. As on June 3, 2014, Exceed received updated information regarding the availability of the financing contemplated to be received by Shuipan Lin, Exceed's Chairman and Chief Executive Officer, in order to fund the consideration payable pursuant to the proposed agreement.

As of June 26, 2014, Shuipan Lin provided these financing updates: $5 million will be deposited in the Pan Long's account outside of the People's Republic of China on or about June 27, 2014, additional $5 million will be deposited in the Pan Long's account outside of the People's Republic of China on or about July 2, 2014 and the remaining $5 million of the contemplated financing is expected to be available by mid-July. As of July 28, 2014, the shareholder meeting of Exceed to vote on the transaction has been adjourned and will happen as soon as the required financing is available. As on September 23, 2014, the Special Committee was in discussions regarding an amendment to the merger agreement that would extend the completion date of the deal. Exceed will provide a further update with respect to the proposed amendment and the timing of a reconvened shareholder meeting soon.

As of October 20, 2014, Exceed Company and buyers entered into a merger agreement amendment, pursuant to which either Exceed Company or buyers could terminate the merger agreement without payment of a termination fee if the merger was not consummated by the termination date of December 31, 2014. The termination date was extended from September 2, 2014 to December 31, 2014. Also, under the merger agreement amendment, termination fee payable by buyers was increased to $2.5 million from $2 million and the termination fee obligation payable by Exceed Company was removed from the transaction (although Exceed Company would continue to be responsible for reimbursing buyers' expenses in connection with the transaction under certain circumstances). The Board of Directors of Exceed Company, acting upon the unanimous recommendation of the special committee of the Board of Directors, has approved the merger agreement amendment.

Houlihan Lokey (China) Limited acted as financial advisor to special committee formed by Exceed Company. Virginia Tam of K&L Gates LLP and Walkers Global Holdings Limited acted as legal advisor to special committee formed by Exceed Company. Peter X. Huang and Daniel Dusek of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors for Shuipan Lin, Tiancheng Int'l Investment Group Limited, Chong Waisum, Wisetech Holdings Limited, Windtech Holdings Limited. Houlihan Lokey was paid an advisory fee of $0.56 million.

A group of investors comprising Shuipan Lin, Tiancheng Int'l Investment Group Limited, Chong Waisum, Wisetech Holdings Limited, Windtech Holdings Limited and Jinlei Shi cancelled the acquisition of remaining 34.36% stake in Exceed Company Ltd. (NasdaqGS:EDS) on November 19, 2015.