The cancellation price was HK$4.25, the trading arm of Chinese state-owned food group COFCO said, which is 34.1% higher than the last closing price.

Shares of the company opened up 27% after they resumed trading on Thursday. They have been suspended since Monday.

If no outstanding share options were exercised, the deal size would be lowered to HK$8.9 billion, the filing said.

The reason for the privatisation was that the underperformance of the company's share price had restricted its ability to raise funds from the capital market to finance its business development.

The underperformance was due to uncertainty over the company's development brought about by the slowdown of global economic growth, trade tensions and heightening of geopolitical risks.

China Agri-Industries's parent said it intended to finance the entire take-private plan with either internal cash resources or other financing, or a combination of both.

CICC is the financial adviser.

(Reporting by Clare Jim; Editing by Stephen Coates)