Newborn Town (HKG:9911) acquired the remaining 77,832,740 shares, representing 35.70% of issued shares, of NBT Social Networking for HK$1.98 billion, a Monday Hong Kong bourse filing said.

The company paid a partial consideration for the acquisition through the issue and allotment of 219,748,391 shares of the company, representing about 15.57% of its enlarged issued share capital, to FG, JJQJ Partners, and JZZT at HK$4.50 apiece.

After the completion, the target company has become a wholly owned subsidiary of the company.