BRIEF-China Innovationpay Group says it entered into sale and purchase agreement with sellers

March 28 (Reuters) - China Innovationpay Group Ltd


* Company and sellers entered into sale and purchase


* Sellers agreed to sell and company has agreed to

purchase sale shares for a total consideration of hk$2.1 billion

* Company entered into sm placing agreement with placing


* Placing agent to procure not less than six sm placees to

subscribe for up to 460 million sm placing shares

* Application has been made to stock exchange for resumption

of trading in shares with effect from 9:00 a.m. On 29 march 2017

* Sm placing agreement at sm placing price of hk$0.5 to

hk$0.75 per sm placing share

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