CAEI — China Architectural Engineering to acquire majority stake in Shanghai ConnGame ($1.30) —  Maintain Position. … CAEI announced that it has signed a letter of intent to acquire 60% ownership in Shanghai ConnGame, a MMORPG game developer and operator 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 In anticipation of issuing 25 million new shares of CAE’s common stock upon the closing of this acquisition, CAE has withdrawn its previously announced common stock private placement of 17 million shares to certain investors, as the Company has terminated its LOI to purchase land from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. However, CAE continues to cooperate with Nine Dragon on its future construction projects which include a marine theme park, movie theatres, premium retail outlets, five-star hotels, and luxurious residential apartments.