China Commercial Credit signs share exchange agreement with Sorghum Investment
China Commercial Credit has entered into a share exchange agreement by and through its board of directors and majority shareholder with the equity holders of Sorghum Investment Holdings, an Internet platform specializing in providing peer-to-peer lending services to individuals and small business owners in China. The company has agreed to acquire all of the issued and outstanding equity interests of Sorghum in exchange for 152,586,795 shares of the company's Common Stock. Upon completion of the acquisition, the company will own 100% of Sorghum, and will be a financial services group operating in both smart financing as well as microfinance sectors in China. Immediately upon completion of the acquisition, the company's existing shareholders will retain an ownership interest of approximately 12% of the company and the selling Sorghum equity holders will own approximately 88% of the company. Completion of the transaction is subject to a number of conditions.