Vincent Wenyong Shi, the Chairman and Chief Operating Officer of NQ Mobile Inc. and Tongfang Investment Fund Series SPC entered into a non-binding letter of intent to acquire 63% stake in FL Mobile Jiutian Technology Co., Ltd. and 65% Stake in Beijing Showself Technology from NQ Mobile Inc. (NYSE:NQ) for CNY 3.3 billion on January 23, 2017. On March 30, 2017, an agreement was signed. Under the terms of the transaction, the consideration will be negotiated within twenty days from the date of the letter. The consideration will be paid in cash. CNY 150 million will be paid as the non-refundable earnest money which will be counted towards the payment of the purchase price and the remaining amount of the total consideration will be paid on or before May 31, 2017. Tongfang Investment Fund Series SPC paid a deposit of HKD 50 million (CNY 44.2 million). Vincent Wenyong Shi already owns a stake in FL Mobile Jiutian Technology Co., Ltd. On November 20, 2017, NQ Mobile Inc. received an additional approximately CNY 400 million cash which brings the total cash received by NQ Mobile Inc. pursuant to the definitive agreements of the divestments to CNY 1.35 billion. In a related transaction, Vincent Wenyong Shi and Tongfang Investment Fund Series SPC will invest in Class A Common Shares of NQ Mobile Inc. The transaction is subject to signing of definitive agreements and the fulfilling of customary closing conditions. The execution of the letter of intent and agreement has been approved by the board of directors of NQ Mobile Inc. and its audit committee. Vincent Wenyong Shi, the Chairman and Chief Operating Officer of NQ Mobile Inc. and Tongfang Investment Fund Series SPC completed the acquisition of 63% stake in FL Mobile Jiutian Technology Co., Ltd. and 65% Stake in Beijing Showself Technology from NQ Mobile Inc. (NYSE:NQ) on December 14, 2017. Under the terms, NQ Mobile Inc. received additional approximately CNY 1.97 billion of consideration, consisting of approximately CNY 200 million in cash and CNY 1.77 billion in a senior note from Tongfang Investment Fund Series. This brings the total consideration received to approximately CNY 3.32 billion.