Liu Jingjing acquired 90% stake in Huatian Internet Technology Co Ltd from Quantum Thinking Limited (SEHK:8050) for HKD 0.05 million on August 19, 2020. Under the terms of agreement, Liu Jingjing will pay by way of cash, cheque, cashier order. Liu Jingjing is the chairman of the board of director, manager and legal representative of Huatian Internet Technology and the chairman of the board of director and legal representative of Beijing Huaqin Tiandi Technology. Upon Completion, the Target Group would no longer be a subsidiary of the Group and the financial results of the Target Group would cease to be consolidated in the consolidated financial statements of the Group. As of June 31, 2020, Huatian Internet Technology had net liabilities as HKD 69.2 million. Completion is not subject to any conditions and shall take place simultaneously upon signing of the Sale and Purchase Agreement. The board further announces that Completion has taken place as at the date of this announcement. The Group currently intends to use the net proceeds as its general working capital. Liu Jingjing completed the acquisition of 90% stake in Huatian Internet Technology Co Ltd from Quantum Thinking Limited (SEHK:8050) on August 19, 2020.