Time Oasis Limited entered into a letter of intent to acquire 52.51% stake in SMI Culture & Travel Group Holdings Limited (SEHK:2366) from SMI Investment (HK) Limited on February 24, 2020. Pursuant to the terms, Time Oasis Limited will acquire around 829.2 million shares in SMI Culture & Travel Group Holdings Limited. Fok Hei Yu and Chow Wai Shing, Daniel have been appointed as the Joint and Several Receivers as appointed by the High Court of Hong Kong Special Administration Region. The negotiation between parties is subject to completion of the due diligence review. As per announcement of July 24, 2020, no formal agreements had been entered into in respect of the possible acquisition and the possible voluntary offer as at the date of this announcement and negotiations and due diligence review are still in progress that approximately one more month is necessary to finalize the due diligence exercise. On September 25, 2020, Time Oasis Limited informed that due diligence review of SMI Culture & Travel Group Holdings was still ongoing, board meeting of SMI Culture & Travel Group Holdings to approve publication of final results was postponed to September 25, 2020. Time Oasis Limited expects that approximately one more month is necessary to finalize the due diligence exercise. As of October 27, 2020, the due diligence review on the charged shares and the group conducted by the offeror is still ongoing and pending provision. As of November 30, 2020, the due diligence review on the charged shares and the Group conducted by the offeror is still ongoing and pending provision. There is also no certainty as to the terms of Possible Voluntary Offer.