Caiyun International Investment Limited entered into an agreement to acquire 18.16% stake in Sundart Holdings Limited (SEHK:1568) from Reach Glory International Limited for HKD 1.5 billion on December 28, 2018. Caiyun International will acquire 392 million shares of Sundart Holdings Limited. Post completion, Reach Glory will hold 51.34% stake and Caiyun International will hold 18.16% stake in Sundart Holdings Limited. Pursuant to the sale and purchase agreement, Reach Glory irrevocably and unconditionally granted to Caiyun International an option to sell to Reach Glory, and require Reach Glory to buy the sale shares held by Caiyun International as at a date the closing price of the shares of each trading day during a period of 90 consecutive trading days before any trading day falling within 18 months after the date of the sale and purchase agreement is lower than the consideration for each sale share and Caiyun International still holds the shares as at such trading day. The transaction was approved at the directorate meeting of Jangho Group Co., Ltd. (SHSE:601886), the ultimate parent of Reach Glory International Limited on December 28, 2018. As of July 5, 2019, a total payment of HKD 650 million is received and HKD 839.6 million is still pending. The transaction was approved by the board of directors of Jangho Group on the 5th directorate’s 3rd special meeting held on July 5, 2019. The board approved the signing of a supplementary agreement indicating that as long as the buyer party pays out the total remaining share transfer amount, then there would be no violation of the share transfer agreement and no liability for breach of contract. On June 28, 2019, Caiyun International Investment and Reach Glory International Limited signed a supplementary deed on the share sale and purchase agreement of Sundart Holdings Limited and the payment date for the remaining share transfer payments was extended to December 31, 2019. On of January 2, 2020, Caiyun International Investment and Reach Glory International Limited signed a second supplementary deed. Caiyun International Investment Limited completed the acquisition of 18.16% stake in Sundart Holdings Limited (SEHK:1568) from Reach Glory International Limited on January 22, 2021.