Mai Zhaoping and Zhang Xueqin made an offer to acquire remaining 25.2% stake in HNA Technology Investments Holdings Limited (SEHK:2086) for HKD 67.5 million on January 12, 2022. Offerors to acquire 80.675223 million HNA shares at a price of HKD 0.84 per share in cash. In a related transaction, Mai Zhaoping and Zhang Xueqin acquired a 74.8% stake in HNA Technology Investments Holdings Limited from HNA Technology Group (HK) Co., Limited for HKD 1 on January 12, 2022. HNA Board is currently made up of five executive Directors, one non-executive Director and three independent non-executive Directors. The Joint Offerors intend to nominate new Directors to the Board. Following the close of the Offer, it is the intention of the Joint Offerors that HNA will continue with its existing principal activities and maintain the employment of the existing employees. The Joint Offerors intend HNA to remain listed on the Stock Exchange. The Offer is unconditional in all aspects. An Independent Board Committee, comprising three independent non-executive Directors, namely Guo Dan, Lin Tat Pang and O Wai, has been formed to make a recommendation to the Independent Shareholders as to whether the terms of the Offer are fair and reasonable and as to the acceptance of the Offer. Independent board committee consider that the terms of the Offer are fair and reasonable so far as the Independent Shareholders are concerned, and therefore we recommend the Independent Shareholders to accept the Offer. The tender offer commences from November 11, 2022 to February 25, 2022.

Hooray Capital Limited acted as financial advisor to Mai Zhaoping and Zhang Xueqin. First Capital International Finance Limited acted as financial advisor to the Independent Board Committee and the Independent Shareholders of HNA Technology Investments Holdings Limited.