An unknown buyer entered into a non-legally binding memorandum of understanding to acquire Jichang Investments Limited from Peace Map Holding Limited (SEHK:402) for HKD 10 million on February 20, 2019. The acquisition will be settled in cash. Under the terms of the transaction, HKD 10 million will be paid by the purchaser to Peace Map Holding in the following manner: a sum of HKD 6 million representing 60% of the consideration, will be paid upon signing of the disposal agreement and obtaining of the relevant approval(s) by David Yen Ching Wai and Anita So Kit Yee of Ernst & Young Transactions Limited and Mr. Keiran Hutchison of EY Bermuda Limited to waive the Intra-Group Liabilities; a sum of HKD 3 million, representing 30% of the consideration, will be paid upon submission of the relevant documents for updating the register of members of Jichang Investments and filing of the notices for the resignation of the existing directors and/ or the appointment of the new directors of Jichang Investments, Sinbo Investment and Peace Map (HK) to the relevant authorities in Hong Kong and the British Virgin Islands and a sum of HKD 1 million, representing 10% of the consideration, will be paid upon completion of item (ii) above and such information has been subsequently updated in the relevant authorities in Hong Kong and the British Virgin Islands. Within 14 days from the date of the memorandum of understanding, the purchaser shall pay to Peace Map Holding a sum of HKD 1 million as the earnest money. The earnest money can be fully applied as partial settlement of the first installment of the consideration. The memorandum of understanding shall be terminated at the earlier of the following: the failure of the Purchaser to pay the Earnest Money within 14 days from the date of the memorandum of understanding; the expiry of the exclusivity period or the termination of the memorandum of understanding by either party serving a notice in writing to the other party. In the event that Peace Map Holding breaches the terms of the exclusivity, the purchaser has the right to terminate the memorandum of understanding and to seek for a compensation for loss of not more than HKD 5 million from Peace Map Holding. The completion of the transaction will be subject to, among other things, the following conditions being fulfilled: joint liquidators having obtained the relevant approval(s) to waive the Intra-Group Liabilities; and Peace Map Holding having submitted the relevant documents for updating the register of members of Jichang Investments and filed the notices for the resignation of the existing directors and/ or the appointment of the new directors of Jichang Investments, Sinbo Investment and Peace Map (HK) to the relevant authorities in Hong Kong and the British Virgin Islands. As of April 8, 2019, Peace Map Holding Limited entered into the disposal agreement with the buyer to sell entire equity interests in Jichang Investments Limited. The net proceeds derived from the transaction will be used to settle the liquidation costs and/or to make distributions to Peace Map Holding's creditors. An unknown buyer completed the acquisition of Jichang Investments Limited from Peace Map Holding Limited (SEHK:402) on April 8, 2019. All key personnel of finance department, sales department and operation department who were responsible for the preparation and custodian of books and accounting records of Jichang Group had left the Group. For the year ended December 31, 2018 Jichang reported HKD 0.149 million of revenue and HKD 0.45 million of total assets.