Nanjing Panda Electronics Company Ltd. announced that it has entered into the Agreement with the Vendor (PEGL and the Import & Export Company), pursuant to which the Company agreed to acquire from the Vendor the entire equity interest in the Target Company (Nanjing Panda Technology Industrial Co., Ltd, which is owned as to 99% by PEGL and 1% by Import & Export Company) for an aggregate consideration of RMB121,000,000 (approximately HKD136,730,000). The Consideration shall be satisfied in cash to the Vendor within 30 days upon signing of the Agreement.