Liu Jinlan, Liu Xiang, Zhang Yuxiao, Hang Youming and Liu Tao (Joint Offerors) agreed to acquire additional 4.82% minority stake in Xingda International Holdings Limited (SEHK : 1899) for approximately HKD 150 million on December 7, 2022. Under the terms, Joint Offerors will acquire 80 million shares of Xingda International Holdings at a price of HKD 1.88 per share. As of now, Joint Offeror 758.13 million Shares representing approximately 45.60% stake in Xingda International Holdings.

As of February 28, 2023, offerors received valid acceptances in respect of 513,471,743 Offer Shares from Qualifying Shareholders under the Partial Offer, representing approximately 49.81% of the Shares. As of December 12, 2022, consent from the Executive in respect of the Partial Offer has been obtained and the Pre-Condition has been fulfilled. As of February 24, 2023, The transaction has got valid acceptances of 73,313,834 Offer Shares.

The transaction is expected to close by March 10, 2023. CLSA Capital Markets, CITIC Securities Company Limited. acted as financial advisor to the Joint Offerors.

Optima Capital Limited acted as financial advisor to Independent Board Committee. The Joint Offerors have appointed Orient Capital Pty Limited as its proxy agent.