China Wantian Holdings Limited ("China Wantian") announced on September 27, 2024, that it has signed a stock purchase agreement with Mr. Liao, the buyer, to sell all the issued shares of its wholly-owned subsidiary Lion City, as well as the property rights indirectly held by the subsidiary, for a total consideration of HK$ 56,320,000. At the same time, the company will enter into a leaseback agreement with Mr. Liao on or before the completion date, leasing the property for two years at a monthly rent of HK$ 200,000 based on the terms of the stock purchase agreement. As Mr. Liao is an executive director and a significant shareholder of the company, as well as the sole director of the target group, this transaction...Show More

China Wantian Holdings Limited ("China Wantian") announced on September 27, 2024, that it has signed a stock purchase agreement with Mr. Liao, the buyer, to sell all the issued shares of its wholly-owned subsidiary Lion City, as well as the property rights indirectly held by the subsidiary, for a total consideration of HK$ 56,320,000. At the same time, the company will enter into a leaseback agreement with Mr. Liao on or before the completion date, leasing the property for two years at a monthly rent of HK$ 200,000 based on the terms of the stock purchase agreement. As Mr. Liao is an executive director and a significant shareholder of the company, as well as the sole director of the target group, this transaction constitutes a related party transaction and must comply with the declaration, announcement, and independent shareholder approval requirements of Chapter 14A of the Listing Rules. The company will mail a circular to the shareholders by November 8, 2024, at the latest, and convene a special general meeting of shareholders to approve the transaction. An Independent Board Committee has been formed and Purple Orchid Finance Limited has been appointed as the independent financial adviser to provide opinions on the fairness and reasonableness of the transaction.