Cheng Xuanxuan made an offer to acquire 74% stake in C.banner International Holdings Limited (SEHK:1028) for HKD250 million on November 29, 2023. The Independent Board Committee, comprising Kwong Wai Sun Wilson, Xu Chengming and Zheng Hongliang, has been formed to advise the Disinterested Shareholders as to whether the terms of the Offer are, or are not, fair and reasonable and as to acceptance of the Offer. The Offeror intends to finance the Offer Consideration by a combination of the Offeror?s internal resources; and the Loan Facilities provided to the Offeror by First Shanghai Securities.

First Shanghai Capital Limited acted as financial advisor to Cheng Xuanxuan.