On June 6, 2024, Kinetic Development Group Limited (the "Company") announced that its wholly-owned subsidiary, Liangliang Qinhuangdao, had entered into a third supplemental agreement with the seller to transfer the target property in Guangzhou for a total consideration of RMB 45,000,000. In this transaction, the sales tax payable by Guangzhou Hengyi amounted to RMB 4,184,000, which was paid by Liangliang Qinhuangdao. The net consideration was RMB 40,816,000, which will offset the previously paid sums to be delivered. On the same day, the Company entered into an intent letter with Mr. Zhang Liang and Seedland Smart Service, stating its intention to acquire 100% of the shares in Seedlife and pay a deposit of HKD 25,000,000. The intent letter is non-binding and the details of the acquisition...Show More

On June 6, 2024, Kinetic Development Group Limited (the "Company") announced that its wholly-owned subsidiary, Liangliang Qinhuangdao, had entered into a third supplemental agreement with the seller to transfer the target property in Guangzhou for a total consideration of RMB 45,000,000. In this transaction, the sales tax payable by Guangzhou Hengyi amounted to RMB 4,184,000, which was paid by Liangliang Qinhuangdao. The net consideration was RMB 40,816,000, which will offset the previously paid sums to be delivered. On the same day, the Company entered into an intent letter with Mr. Zhang Liang and Seedland Smart Service, stating its intention to acquire 100% of the shares in Seedlife and pay a deposit of HKD 25,000,000. The intent letter is non-binding and the details of the acquisition are still under negotiation. In addition, the Company mentioned that if the acquisition of Seedlife is completed, it may constitute a connected transaction and compliance with the listing rules is required. Mr. Zhang Liang indirectly holds 62.96% of the Company's controlling shareholder King Lok Holdings Limited through Zhang Family Overseas Limited, and therefore relevant transactions must comply with the disclosure and shareholder approval requirements of Chapter 14A of the listing rules.