COMMITMENTS AND CONTINGENCY

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCY

COMMITMENTS AND CONTINGENCY

18. COMMITMENTS AND CONTINGENCY

Capital commitments

In April 2019, the Company entered into a sale and purchase agreement to acquire 100% equity interest of a company located in Hong Kong in a total consideration of US$1,540,555  (HK$12,000,000). The closing of the acquisition is subject to the approval of changes of control from local regulatory authorities. As of December 31, 2019, the acquisition is not closed and the capital commitment contracted but not paid was US$1,078,389  (HK$8,400,000).