Guangzhou Fellow Partners Investment Management Ltd signed an agreement to acquire Shanghai Lingyu Investment Co., Ltd from Xiamen Overseas Chinese Electronic Co.,Ltd. (SHSE:600870) for CNY 19.3 million on July 30, 2018. Under the terms, the consideration will be paid in 2 installments. The first installment for 20% of the total consideration will be paid within 3 days since approval from the shareholders of the Xiamen Overseas Chinese Electronic Co.,Ltd at the 2018 1st extraordinary shareholders meeting and the remaining consideration will be paid within 10 days since completion of delivery of underlying equity. Shanghai Lingyu Investment Co., Ltd reported total assets of CNY 11.24 million, net assets of CNY 8.24 million, operating revenue of CNY 0.63 million and net loss of CNY 1.8 million as of December 31, 2017. The deal is subject to the shareholders of Xiamen Overseas Chinese Electronic Co.,Ltd at the 2018 1st extraordinary shareholders’ meeting. The transaction has been approved by the Board of Directors of Xiamen Overseas Chinese Electronic Co.,Ltd at the 34th meeting of the 8th directorate held on July 30, 2018. Guangzhou Fellow Partners Investment Management Ltd completed the acquisition of Shanghai Lingyu Investment Co., Ltd from Xiamen Overseas Chinese Electronic Co.,Ltd. (SHSE:600870) on October 25, 2018. As of October 25, 2018, CNY 9.8 million has been received in cash and the Board of Xiamen Overseas will continue to pay attention to the progress of the delivery of the remaining consideration. Xiamen Overseas Chinese Electronic holds no stake in Shanghai Lingyu Investment after the deal. Recently, Xiamen Overseas Chinese Electronic once again received CNY 5 million from Guangzhou Fellow Partners Investment Management Ltd. as payment for the present transfer and payment was made in cash.