Futubull financial app news, Hing Ming Hldgs (08425) and offeror Deng Mingxi jointly announced that on July 10, 2024, the offeror completed the acquisition of 80 million shares from Li Ruliang, which is equivalent to approximately 21.28% of the company's issued share capital as of the date of this joint announcement. The total consideration is HKD 32 million (equivalent to HKD 0.04 per share).

Prior to the completion of the acquisition, the offeror and the concert party did not hold any shares, except for the 0.12 billion shares held by Hing Kit (Mr. Deng Xingqiang and Ms. Ou Fengyi, who legally and beneficially own 90.0% and 10.0% respectively), which represent approximately 31.91% of the total issued share capital of the company.

After the completion of the acquisition and as of the date of this joint announcement, the offeror and its concert party collectively hold 0.2 billion shares (including 0.12 billion shares held by Hing Kit and 80 million shares held by the offeror), which represent approximately 53.19% of the total issued share capital of the company.

According to Rule 26.1 of the Takeovers Code, the offeror must make a mandatory unconditional cash offer to acquire all the shares in issue of the company (excluding the shares in issue held and/or agreed to be acquired by the offeror and its concert party). The cash offer price per offer share is HKD 0.04, which represents a discount of approximately 28.57% to the closing price of HKD 0.056 per share on the last trading day on The Stock Exchange of Hong Kong Limited. The offeror shall pay a maximum cash consideration of HKD 7.04 million under the offer.

In addition, the company has applied to The Stock Exchange of Hong Kong Limited for the resumption of trading of its shares with effect from 9:00 a.m. on Monday, July 15, 2024.

It is reported that Deng Mingxi, the offeror, is an executive director of the company and the nephew of Deng Xingqiang and Ou Fengyi, who are respectively an executive director and a non-executive director of the company.