Acute Peak Investments Limited entered into an agreement to acquire Auto Brave Limited from Huarong Investment Stock Corporation Limited (HKSE:2277) for HKD 290 million on September 27, 2019. Under the transaction, Huarong Investment and its subsidiaries owes a total amount of approximately HKD 310 million to Auto Brave, which is repayable on demand. Huarong Investment undertakes to repay HKD 21.8 million within five business days henceforth. Post completion, Auto Brave Limited has ceased to be a subsidiary of Huarong Investment Stock Corporation Limited and its financial results will no longer be consolidated into the financial statements of Huarong Investment Stock Corporation., and the group will cease to engage in the foundation business. As on June 30, 2019, Auto Brave reported total assets of approximately HKD 570 million and net assets of HKD 22.1 million. The competition of the transaction subject to all necessary approvals, confirmations, waiver or consents from the relevant authorities and any third party. An independent Board committee has been formed to advise the shareholders in respect of the transaction. An independent financial adviser will be appointed to advise the Board committee and the shareholders in this regard. The long stop date for the transaction is set on September 27, 2020. While the completion shall take place on the 10th business day after the fulfillment of all conditions precedent set out. Anglo Chinese Corporate Finance, Limited acted as the financial advisor to Huarong Investment. Terris Tang and Cheung Ying (Cathy) Yeung of Latham & Watkins (Hong Kong) acted as legal advisor to Huarong Investment Stock Corporation Limited (SEHK:2277). Acute Peak Investments Limited completed the acquisition of Auto Brave Limited from Huarong Investment Stock Corporation Limited (HKSE:2277) on December 9, 2019.