Tan International announced on November 8, 2024, the acquisition of the equity of nine restaurants operated by Marugame Seimen in Hong Kong. The target group relies on Tan International to provide logistic support services. The acquisition price is determined by the buyer and Tongy Hong Kong on a fair basis, and valued by an independent valuer, EY, using the market approach. The valuer chose EV/S multiple as the valuation indicator, as it is more representative based on sales calculation. The valuation of the target group on the valuation date is approximately 4.4 million Hong Kong dollars, considering factors such as comprehensive sales of 91.2 million Hong Kong dollars, cash and cash equivalents of 5 million Hong Kong dollars, and debt of 9.6 million Hong Kong...Show More

Tan International announced on November 8, 2024, the acquisition of the equity of nine restaurants operated by Marugame Seimen in Hong Kong. The target group relies on Tan International to provide logistic support services. The acquisition price is determined by the buyer and Tongy Hong Kong on a fair basis, and valued by an independent valuer, EY, using the market approach. The valuer chose EV/S multiple as the valuation indicator, as it is more representative based on sales calculation. The valuation of the target group on the valuation date is approximately 4.4 million Hong Kong dollars, considering factors such as comprehensive sales of 91.2 million Hong Kong dollars, cash and cash equivalents of 5 million Hong Kong dollars, and debt of 9.6 million Hong Kong dollars. The acquisition price of 4.1 million Hong Kong dollars is considered fair and reasonable, in line with the company's and shareholders' interests. As of the announcement date, the target group continues to operate according to its regular procedures without any significant adverse changes. Tan International's Chairman and CEO, Liu Damin, stated that the acquisition will be reflected in the company's consolidated balance sheet, with no impact on enterprise value.