Zhao Jingfei made an offer to acquire remaining 25% stake in Ascent International Holdings Limited (SEHK:264) for approximately HKD 110 million on May 7, 2019. As per the offer, Zhao Jingfei will acquire 95.68 million shares at HKD 1.0975 per share. Zhao Jingfei reserves the right to revise the terms of the offer. Zhao Jingfei intends to finance the entire consideration payable under the transaction through the WH Facilities provided by Mason Securities Limited of amount HKD 171 million. Settlement of consideration will be made in cash as soon as possible within seven business days from the date of acceptance of shares. Lego Corporate Finance, being the financial adviser to Zhao Jingfei, is satisfied that sufficient financial resources are, and will remain, available to Zhao Jingfei to satisfy the total consideration payable by Zhao Jingfei upon full acceptances of the offer. Zhao Jingfei does not intend to introduce any major changes to the existing operations and business of Ascent International Holdings Group upon and after the close of the offer. Following the close of the offer, Zhao Jingfei intends to be an executive Director of Ascent International Holdings Limited in managing the businesses of the Group. Zhao Jingfei intends to maintain the listing status of Ascent International Holdings Limited and to nominate not less than two new Directors to the Board of Ascent International Holdings Limited. It is expected that all of the existing Directors will resign with effect from such date as being required by Zhao Jingfei or the earliest time permitted under the Takeovers Code or the Stock Exchange, whichever is the later. Zhao Jingfei has no intention to discontinue the employment of any employees of Ascent International Holdings Group. Zhao Jingfei does not intend to avail itself of any powers of compulsory acquisition of any shares outstanding after the close of the offer. The offer will be unconditional in all aspects. An independent Board committee comprising of independent non-executive Directors namely Chong Man Hung Jeffery, Liang Jianhai and Wong Kwun Ho has been established by the Board of Directors of Ascent International Holdings Limited to advise the independent shareholders regarding the offer transaction. As of May 28, 2019, Grand Moore Capital Limited recommended the Independent Board Committee to advise the independent shareholders to accept the offer. On May 28, 2019, the independent Board Committee of Ascent International Holdings Limited recommended the shareholders to accept the offer. The offer will be open for acceptances from May 28, 2019 to June 18, 2019. Lego Securities Limited acted as the tender offer agent to Zhao Jingfei. Lego Corporate Finance Limited acted as financial advisor to Zhao Jingfei. Grand Moore Capital Limited has been appointed as the independent financial adviser to advise the independent Board committee of Ascent International Holdings Limited. Tricor Investor Services Limited acted as the registrar to Ascent International Holdings Limited.