Halaman Mantap QXL Limited entered into the sale and purchase agreement to acquire Peace Map Holding Limited (SEHK:402) for HKD 4.2 billion in a reverse merger transaction on March 27, 2020. Under the terms of transaction, Peace Map Holding Limited will issue 5.937 billion shares at the issue price of HKD1.9 billion and HKD 2.3 billion by issue of the Convertible Bonds. David Yen Ching Wai, Anita So Kit Yee and Keiran Hutchison appointed as joint liquidators of the Peace Map. In a separate transaction, Peace Map proposed reduction of the nominal value of the issued consolidated shares from HKD 0.4 each to HKD 0.01 each by cancelling the paid-up capital to the extent of HKD 0.39 on each of the issued consolidated share, proposed restructuring and creditor’s scheme. The proposed Board of Directors of the Peace Map comprises of seven members; Su GuoMing and Derrick Tan Teik Suan will be appointed as executive Directors. Andrew Tan Jun Suan and Er Chun Tat will be appointed as non-executive Directors and Jiang Jinlong will be appointed as independent non-executive Directors. The transaction is subject to customary closing conditions, including Peace Map and the Liquidators being satisfied at their sole and absolute discretion with the results of the due diligence review, completion of HM Corporate reorganization, all necessary consents, licenses and approvals from the shareholders, bankers, financial institutions and regulators required to be obtained, approval of the Supreme Court on the Capital reorganization having been obtained, Listing Committee of the Stock Exchange and the SFC having approved the RTO, and approval of Creditors Scheme. The transaction is also subject to granting of the transaction waiver by Su GuoMing and Andrew Tan. The LRC review hearing for their approval has been scheduled for July 6, 2020. On July 13, 2020, Peace Map updated that the LRC review hearing has been conducted but the decision has not been received yet. The transaction is expected to close within 5 business days after fulfillment (or waiver) of all the conditions. Lego Corporate Finance Limited acted as financial advisor to Peace Map.