Goldwell Global Limited entered into sale purchase agreement to acquire an additional 20% stake in Beijing Zhangzhong Technology Limited from Chong Sing Holdings FinTech Group Limited (SEHK:8207) for HKD 20 million on December 13, 2019. The consideration will be satisfied in cash. The deposit of HKD 10 million will be paid within seven business days upon signing of the sales and purchase agreement and remaining balance of HKD 10 million will be paid within three business days upon completion. The transaction has been approved by the board of Chong Sing Holdings FinTech Group Limited. The proceeds generated from the transaction will be used for the repayment of the outstanding loan and general working capital.