Market Insight | FANHAI Group proposes restructuring, FANHAI Hotel surges 37.5% intraday
ASIA STD HOTEL's stock price surged by 37.5% in the market volatility, reaching HKD 0.10, with a turnover of HKD 1.4493 million. According to the announcement, ASIA STD HOTEL Group, ASIA STD HOTEL, and Huihan Holdings jointly proposed a group restructuring plan, with planned shares to be cancelled, and planned shareholders to receive new shares of ASIA STD INTERNATIONAL and cash payments. After the restructuring, ASIA STD HOTEL will become a non-listed subsidiary of ASIA STD INTERNATIONAL
According to the Wise Finance APP, as of the time of publication, ASIA STD HOTEL (00292) surged by 37.5% during trading, reaching HKD 0.10 with a turnover of HKD 1.4493 million.
On the news front, ASIA STD HOTEL (00292), along with ASIA STD GROUP (00129) and WYW Holding (00214), jointly announced that on June 19, 2024, the board of directors of ASIA STD International and the offeror's board of directors requested the board of directors to submit a proposed group restructuring to the planned shareholders. According to the proposal, upon the fulfillment of the planned conditions and the effectiveness of the plan, all planned shares will be cancelled. Planned shareholders (listed in the ASIA STD HOTEL shareholder register at the plan record time) will have the right to receive new ASIA STD International shares and cash payments from ASIA STD International: for every 20 shares of cancelled planned shares, they will receive 3 shares of new ASIA STD International shares and a cash payment of HKD 0.700.
Upon the fulfillment or waiver (if applicable) of the planned conditions, ASIA STD HOTEL will become an unlisted company and an indirect non-wholly-owned subsidiary of ASIA STD International after the plan becomes effective, and its listing status on the Main Board of the Stock Exchange of Hong Kong will be withdrawn.
The announcement stated that the proposed group restructuring will facilitate the merger of ASIA STD International Group (excluding ASIA STD HOTEL and its subsidiaries) with ASIA STD HOTEL and its subsidiaries (as ASIA STD HOTEL will become an unlisted subsidiary of ASIA STD International after the plan becomes effective). Therefore, existing ASIA STD International shareholders and planned shareholders will collectively own the restructured ASIA STD International Group.
It is reported that the offeror is a direct wholly-owned subsidiary of ASIA STD International, controlled by Mr. Pan Zheng. The offeror is mainly engaged in securities investment
