According to the financial news app, GME Group (08188) announced that on November 4, 2024, its wholly-owned subsidiary Jade Phoenix Enterprises Limited completed the acquisition of 14.65 million shares of Jianxin Construction Limited from Huang Zhongran for 15.7 million Hong Kong dollars.

After completion, the target company has become an indirect wholly-owned subsidiary of the company. The financial performance of the target company will be integrated into the company's comprehensive financial statements.

It is reported that the target company is mainly engaged in construction engineering and engineering services in Hong Kong. Prior to the completion, the target company was wholly owned by the seller.

The directors believe that the acquisition is in line with the group's business development strategy, and the target company's operations have high profit potential. They believe that the target company can be well integrated with the group's business to further expand its scale and scope. In addition, it is expected that the licenses held by the target company are extremely important for strengthening the group's business development, thereby bringing business synergies and improving the overall performance of the group's business after completion, while providing substantial returns to shareholders. Furthermore, half of the consideration is paid by issuing the second and third acceptances, thus significantly reducing the group's immediate cash flow burden.