The Zhitong Finance App learned that Chen Gang Technology (08131) soared more than 150%. As of press release, it had risen 156.52% to HK$0.11, with a turnover of HK$1.3 million. The company's stock price hit a new phased high.

According to the news, Chen Gang Technology and the offeror BRAVO MERIT MANAGEMENT GROUPS LIMITED jointly announced that on August 29, 2023, the offeror and the seller (Maximizer International Limited and Pacific East Limited) entered into a sales agreement. The offeror agreed to buy and the seller agreed to sell the shares to be sold (including 356 million common shares). The total cost was HK$27 million, which is equivalent to each share to be sold HK$0.0759.

Immediately before completion, the shares to be sold (that is, all shares held by the seller) accounted for approximately 74.81% of the company's voting rights (assuming that none of the convertible preferred shares were converted to common shares); and 59.39% of the company's voting rights (assuming that all convertible preferred shares were converted to convertible preferred shares (under an irrevocable promise, Extraordinary Advisors has promised not to be converted until the end of the offer). According to the purchase and sale agreement, completion was implemented on August 30, 2023.

According to Rule 26.1 of the Takeovers Code, the offeror is required to make an unconditional mandatory full cash offer for all issued shares (other than those owned or agreed to by the offender and their acquirers). Each offered share was HK$0.0759 in cash, and the offer price was approximately 65.00% premium over the closing price of HK$0.0460 per share reported on the Stock Exchange on August 29 (that is, the last trading day).

The company has applied to resume trading of common shares on the Stock Exchange starting at 9:00 a.m. on September 8, 2023.