SUN KONG HLDGS received a discount of approximately 21.88% from Wang Xinlong to fully purchase the tender offer. It will resume trading on September 17
SUN KONG HLDGS and Hong Kong Yufeng Chang Co., Ltd. completed the acquisition of 23.115 million shares on September 13, 2024, at a total consideration of approximately HKD 14.4469 million, at HKD 0.625 per share, representing a discount of approximately 21.88%. In accordance with the acquisition rules, a mandatory unconditional cash offer must be made. The company has applied to resume trading of shares on September 17, 2024. The offeror is indirectly wholly-owned by Wang Xinlong
According to the news from Zhitong Finance and Economics APP, Sun Kong Holdings (08631) and the offeror Hong Kong Yufeng Chang Limited jointly announced that on September 13, 2024, the offeror completed the acquisition of 23.115 million shares of sales shares from Fully Fort Group Limited at a total price of approximately HKD 14.4469 million, equivalent to HKD 0.625 per share of sales shares. The sales shares represent approximately 57.79% of the total issued share capital of the company as of the joint announcement date.
Following the completion, the offeror and its concert parties will have interests in the 23.115 million shares of shares (equivalent to approximately 57.79% of the total issued share capital of the company). Therefore, in accordance with Rule 26.1 of the Takeovers Code, the offeror must make a mandatory unconditional cash offer for all issued shares (excluding those already owned or agreed to be acquired by the offeror or its concert parties). The cash offer price per share is HKD 0.625, representing a discount of approximately 21.88% to the closing price of HKD 0.800 per share on the last trading day as reported on the Stock Exchange.
Furthermore, the company has applied to the Stock Exchange for the resumption of trading of its shares on the Stock Exchange from 9:00 am on September 17, 2024 (Tuesday).
It is reported that the offeror is indirectly wholly-owned by Wang Xinlong, who is the executive director and supervisor of Xi'an Caibang Fund Management Co., Ltd. (a fund management company in which the offeror holds a minority stake), and the general manager and executive director of Xi'an Lexiang Xingtu Film and Television Culture Co., Ltd. (a company mainly engaged in video and short video production and operation services)
