Xu Haohao made an offer to acquire 74.5% stake in FDG Kinetic Limited (SEHK:378) from FDG Electric Vehicles Limited (SEHK:729) on April 14, 2020. Xu Haohao proposing to acquire in aggregate 5,035,457,784 shares of FDG Kinetic, representing approximately 74.56% of the issued share capital of FDG Kinetic, together with outstanding overdue loans and shareholders loan due FDG Kinetic. The Acquisition Proposal, if materialized, may involve the transfer of more than 30% of the shares in FDG Kinetic and result in Xu having to make a mandatory general offer pursuant to Rule 26.1 of the Takeovers Code for all the issued shares in FDG Kinetic. The definitive agreement and the general offer from Xu is conditional upon (i) no receiver will be appointed to FDG Kinetic; and (ii) FDG Kinetic will not be threatened to be delisted during the offer period and before completion of payment of any acceptance of the general offer from Xu. The directors of FDG EV acknowledge that the general offer must be unconditional and will communicate further with Xu. As on May 4, 2020, Sinopoly and Union Grace received a letter from Xu informing them that notwithstanding the appointment of the Receivers by SHK Finance on April 29, 2020, Xu remains committed to the terms of the Acquisition Proposal.

As on June 2, 2020, Xu extended the validity of the Acquisition Proposal as set out in his expression of interests letter dated April 14, 2020 to July 31, 2020. As on July 2, 2020, the board of directors of FDG EV is still considering the Acquisition Proposal and no definitive agreement has yet been entered into between Xu and his controlled corporation and FDG EV or Sinopoly and Union Grace. As on July 24, 2020 will further extend the validity of the Acquisition Proposal from July 31, 2020 to August 21, 2020. The joint and several provisional liquidators of FDG EV is considering the Acquisition Proposal and no definitive agreement has yet been entered into an agreement. As on August 12, 2020, Xu will further extend the validity of the Acquisition Proposal from August 21, 2020 to September 21, 2020. This is the Final Closing Date post which Acquisition Proposal will expire.

Xu Haohao cancelled the acquisition of 74.5% stake in FDG Kinetic Limited (SEHK:378) from FDG Electric Vehicles Limited (SEHK:729) on September 14, 2020.