China Architectural Engineering, Inc. (CAEI) said it has signed a letter of intent, or LOI, to acquire 60% ownership in Shanghai ConnGame in exchange for 25 million shares of the Company's common stock. Completion of the transaction is subject to negotiation of a definitive equity transfer agreement that will be subject to a number of closing conditions, including shareholder and regulatory approvals.
In anticipation of issuing 25 million new shares of China Architectural Engineering's common stock upon the closing of this acquisition, China Architectural Engineering has withdrawn its previously announced common stock private placement of 17 million shares to certain investors, as the Company has terminated its LOI to purchase land from Zhejiang Nine Dragon Co.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.