Page 59 of 70 SEC Filing
Although no Reporting Person has any specific plan or proposal to acquire or dispose of the
Common Stock owned by any of them, consistent with its investment purpose and in light of the circumstances described above, each Reporting Person at any time and from time to time may acquire additional Common Stock or dispose of any or all of its
Common Stock depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements of the Reporting Persons, and/or other investment considerations.
Consistent with their investment purpose and in light of the developments described above, the Reporting Persons may continue to engage in
communications with one or more stockholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer and/or one or more representatives of the Issuer regarding the Issuer, including but
not limited to its operations, and plans of the Reporting Persons. The Reporting Persons may discuss ideas that, if effected may result in a change in any of the following: the acquisition by persons of additional Common Stock of the Issuer, an
extraordinary corporate transaction involving the Issuer, and/or other changes in the board of directors or management of the Issuer.
Except as disclosed above, none of the Reporting Persons has any other plans or proposals which relate to, or would result in, any of the
matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose
and/or formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
(a) and (b) According to the Issuer’s most recent Quarterly Report on Form 10-Q filed November 13, 2015, there were 299,802,647 shares
of Common Stock issued and outstanding as of August 12, 2015. The group that may have been deemed to be formed by the Reporting Persons may be deemed to beneficially own 160,508,598 shares of Common Stock of the Issuer held by all of the
Reporting Persons combined (54.7% of the Common Stock of the Issuer based upon the information contained in the above-referenced Form 10-Q), and each of the Reporting Persons may be deemed to beneficially own the shares of each other Reporting
Person.
| 1. | Chan King Yuet beneficially owns and has sole voting and dispositive power over 150,000 shares of Common Stock, or 0.1% of the issued and outstanding Common Stock. Ms. Chan King may also be deemed to have shared voting power over 160,358,598 shares of Common Stock, or 53.5% of the issued and outstanding Common Stock, by virtue of the Voting Agreement and Joinder Agreement to the Voting Agreement. Ms. Chan King Yuet expressly disclaims dispositive power over the 156,474,372 shares of Common Stock that she may be deemed to have shared voting power over by virtue of the Voting Agreement and Joinder Agreement. |
| 2. | Barry King Hon Chan beneficially owns and has sole dispositive power over 16,124,238 shares of Common Stock, or 5.4% of the issued and outstanding Common Stock. Barry King Hon Chan may be deemed to have shared voting power over the 16,124,238 shares of Common Stock by virtue of the Voting Agreement. |
| 3. | Magnolia Ulan Fung beneficially owns and has sole dispositive power over 2,000,000 shares of Common Stock, or 0.7% of the issued and outstanding Common Stock. Magnolia Ulan Fung may be deemed to have shared voting power over the 2,000,000 shares of Common Stock by virtue of the Voting Agreement. |
| 4. | Su Hu beneficially owns and has sole dispositive power over 400,000 shares of Common Stock, or 0.1% of the issued and outstanding Common Stock. Su Hu may be deemed to have shared voting power over the 400,000 shares of Common Stock by virtue of the Voting Agreement. |
| 5. | Hing Choi Hui beneficially owns and has sole dispositive power over 1,486,310 shares of Common Stock, or 0.5% of the issued and outstanding Common Stock. Hing Choi Hui may be deemed to have shared voting power over the 1,486,310 shares of Common Stock by virtue of the Voting Agreement. |
| 6. | Yun Ming Roger Leung and Yuen Wah Leung (JT TEN) beneficially own and have sole dispositive power over 897,106 shares of Common Stock, or 0.3% of the issued and outstanding Common Stock. Yun Ming Roger Leung and Yuen Wah Leung (JT TEN) may be deemed to have shared voting power over the 897,106 shares of Common Stock by virtue of the Voting Agreement. |
| 7. | Wai Ngai Hu beneficially owns and has sole dispositive power over 2,423,930 shares of Common Stock, or 0.8% of the issued and outstanding Common Stock. Wai Ngai Hui may be deemed to have shared voting power over the 2,423,930 shares of Common Stock by virtue of the Voting Agreement. |