Wang Mingqing signed an agreement to acquire Able Diligent Limited from China Huarong Energy Company Limited (SEHK:1101) for HKD 1 on October 9, 2018. The purchase price is payable in cash on completion date and includes the consideration for shares and all debts owing by Able Diligent Limited to China Huarong Energy Company Limited as at completion. Able Diligent Limited and its subsidiaries will cease to be a subsidiary of China Huarong Energy Company Limited upon completion. For the year ended December 31, 2017, Able Diligent Limited reported revenues of CNY 557.57 million (HKD 669.55 million) and loss after tax of CNY 1.01 billion (HKD 1.21 billion). The transaction is subject to approval by the stock exchange, approval by shareholders and Board of China Huarong Energy Company Limited, Wang Mingqing being satisfied with the results of the due diligence review on Able Diligent Limited and approvals from all existing lenders of China Huarong Energy Company Limited. As of December 13, 2018 the shareholders of China Huarong Energy Company Limited approved the deal. The conditions precedent are expected to be fulfilled on or prior to December 31, 2018. As additional time is required to fulfil the conditions, as on December 25, 2018, a supplemental agreement was signed to extend the date for fulfilment of deal conditions from December 31, 2018 to March 31, 2019. The transaction is expected to be completed within 5 business days following the fulfillment of the conditions precedent. Upon completion, China Huarong Energy Company Limited expects to realize a gain of approximately HKD 3.72 billion from the disposal. As of March 3, 2019, pursuant to supplemental agreement entered, the parties agreed to, among others, the following; Subject to the fulfillment (or waiver, if applicable) of the conditions precedent, the transfer of the sale shares shall take place on or before March 31, 2019. Oriental Patron Financial Group acted as financial advisor for China Huarong Energy Company.