Rebel Group, Inc. (OTCBB:REBL) entered into a definitive agreement to acquire Qingdao Quanyao Sports Consulting Ltd. from Naixin Qi for $34.6 million on October 1, 2017. The consideration consists of the forgiveness of debt owed by Qingdao Quanyao Sports Consulting Ltd. to Rebel Group, Inc. in the amount of $2.8 million as of October 1, 2017 and 12 million shares of the common stock of Rebel Group, Inc. Rebel Group, Inc. issued 0.081 million shares as of October 17, 2017. Qingdao Quanyao Sports Consulting Ltd. reported total assets of $0.004 million, net loss of $0.17 million and total common equity of $0.8 million for the year ended December 31, 2016. The transaction is subject to the approval from the relevant Chinese government departments and authorities, parties entering into a Sino-foreign equity joint venture agreement, Qingdao Quanyao Sports Consulting Ltd. not having any liabilities at the closing of the transaction, and other customary conditions. The parties also entered into a confidentiality agreement to not to disclose any confidential information to any third party. The transaction is expected to complete on or before January 1, 2018. Centurion ZD CPA Limited acted as accountant for Rebel Group, Inc. in the transaction. Rebel Group, Inc. (OTCBB:REBL) completed the acquisition of Qingdao Quanyao Sports Consulting Ltd. from Naixin Qi on November 21, 2017.