Gelonghui, Feb. 21丨Lai Sun Development (00488.HK), Lai Fung Holdings (01125.HK), Fengdeli Holdings (00571.HK) and Lai Sun Garment (00191.HK) jointly announced that HSBC made a conditional voluntary full cash offer on behalf of the offender Holy Unicorn Limited (a wholly-owned subsidiary of Lai Sun Development) to acquire all of Lai Fung's issued shares. Each Lai Fung shares offered HK$8.99 in cash.

Assuming that there will be no change in the number of Lai Fung shares and Lai Fung shares until the end of the Lai Fung share offer, the offer value of Lai Fung shares is approximately HK$2,976 billion.

According to the requester, the property business is currently being developed directly by Lai Sun and operated indirectly through Lai Fung Group. After the completion of Lai Fung's offer, the property business will be directly merged into Lai Sun Development Group. Furthermore, Fengdeli (which owns 50.99% of Lai Fung's shares) will allow the remaining Fengdeli Group to position itself as a single operator of theaters, media and entertainment, while providing Fengdeli with the necessary capital to accelerate the development of such businesses. As the holding company of Lai Sun Development, Lai Sun Garment will benefit from the improved operation and performance of Lai Sun Development Group.

Lai Sun Development does not intend for Lai Fung Group to launch any new business outside of the property industry after the completion of Lai Fung's offer. From time to time, Lai Sun Development may also consider the need for Lai Fung Group to fund the further development of Lai Fung Group's business by issuing bonds or equity financing, depending on the business needs of Lai Fung Group and current market conditions.