China Lending Corporation (NasdaqCM:CLDC) signed a framework agreement to acquire additional 80.5% stake in Zhejiang Lixin Enterprise Management Holding Co., Ltd from Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin in January 2019. Under the terms, China Lending will paid consideration by issuing new shares and/or using cash on hand. As part of the closing conditions, Zhejiang Lixin Enterprise Management has pledged to meet average annual net profit target of no less than CNY 20 million for the three years following the closing of the transaction ("Net Profit Target"). In the event Zhejiang Lixin Enterprise Management fails to achieve the net profit target, Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin agree to forfeit certain cash and/or shares it will receive from China Lending. China Lending Corporation (NasdaqCM:CLDC) entered into a share purchase agreement to acquire additional 65.36% stake in Zhejiang Lixin Enterprise Management Holding Co., Ltd. from Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin for approximately CNY 280 million on June 17, 2019. China Lending Corporation (NasdaqCM:CLDC) entered into an amended share purchase agreement to acquire additional 65% stake in Zhejiang Lixin Enterprise Management Holding Co., Ltd. from Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin for approximately CNY 220 million on August 23, 2019. As a consideration, China Lending will issue its ordinary shares to such selling shareholders, as calculated by dividing the amount of consideration that such selling shareholder is entitled to receive. Under the amended terms, China Lending will issue 291 million Class B convertible preferred shares. Pursuant to the share purchase agreement, China Lending may acquire the remaining 34.98% equity interests in Zhejiang Lixin, subject to the satisfaction of certain conditions as set forth therein, which include, among others, the completion of the future financing by the China Lending. The transaction has been approved by the Board of Directors of China Lending and majority of the shareholders of Zhejiang Lixin Enterprise Management Holding. The exact terms and conditions of the transaction are still being finalized, financial and legal due diligence has been launched by China Lending Corporation and Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin. The transaction is subject to further review and approval of China Lending's Board of Directors and/or shareholders, if needed, as well as other customary closing conditions. It expected to be consummated through multiple closings with the first closing by June 30, 2019. As of June 17, 2019, the deal is subject to the satisfaction of share purchase agreement of customary closing conditions and the completion of relevant corporate and regulatory procedures and is expected to close in August, 2019. China Lending Corporation (NasdaqCM:CLDC) completed the acquisition of additional 65% stake in Zhejiang Lixin Enterprise Management Holding Co., Ltd from Shaoxing Gedun Furniture Co., Ltd, Hangzhou Yinxiang Assets Management Co., Ltd, Shaoxing Aoyuan Intellectual Technology Co., Ltd, Dayu Yangguang (Beijing) Assets Management Co., Ltd, Zhejiang Hengmao Construction Co., Ltd and Zhu Jialin on December 20, 2019.