On September 27, 2024, China Wantian Holdings (01854.HK) announced that its wholly-owned subsidiary Eminent Ace (as the seller) entered into a share purchase agreement with the buyer, under which (i) the seller conditionally agreed to sell and the buyer conditionally agreed to purchase the sales shares, equivalent to all the issued shares of the target company Lion City Limited indirectly holding the full rights of the properties; and (ii) the seller conditionally agreed to facilitate the sale and transfer of Sunny Food Trading, while the buyer conditionally agreed to purchase and assume the transfer of the sales loan, with a total consideration of 56.32 million Hong Kong dollars.

The target company (i.e. Lion City) is a limited company registered in the British Virgin Islands, mainly engaged in investment holding. The target company is an indirect wholly-owned subsidiary of the company.

Condtex is a limited company registered in Hong Kong, engaged in property holding and investment. Condtex is a direct wholly-owned subsidiary of the target company. As of the date of this announcement, Condtex legally and beneficially owns the property, which is a major asset of the target group.

The property refers to the property legally and beneficially owned by Condtex, located at 1-7 Sun King Industrial Building, 1st Floor A and B Workshop, Shatin, New Territories, Hong Kong.

The board of directors has been evaluating the real estate market in Hong Kong and reviewing the group's options regarding its held properties. Taking into account (i) the nature and quality of the properties (including their location, age, condition, and surrounding facilities); (ii) recent market conditions and the current market value of industrial properties in Hong Kong; (iii) overall economic conditions in Hong Kong; and (iv) the board believes that the sale transaction will not have a significant adverse impact on the group's business operations. The directors believe that the sale presents an opportunity to realize a premium on the property value, enabling the group to utilize the proceeds for developing higher-growth segments of the group, including its ingredient supply and dining business in the Greater Bay Area.