CHINA AOYUAN(03883): Multi Gold will become the company's largest single shareholder and have been confirmed as a "strategic investor".

China Aoyuan (03883) announced that on September 20, 2024, the company's major shareholder, Ace Rise, entered into an agreement with Multi Gold Group Limited, whereby Ace Rise agreed to transfer approximately 622 million ordinary shares of the company to Multi Gold. Upon completion of the transfer, Mohamed Obaid Ghulam Badakkan Alobeidli (Alobeidli), a director and ultimate beneficial owner of Multi Gold, will be appointed as a non-executive director and chairman of the board. Both Multi Gold and Alobeidli are independent third parties separate from the company and its affiliates. Upon completion of the transfer and in accordance with the definition under Section XV of the Securities and Futures Ordinance, Ace Rise and Multi Gold will hold interests in approximately 502 million shares and 622 million shares of the company, respectively, representing approximately 13.31% and 16.48% of the company's total issued share capital as of the date of this announcement. Therefore, Mr. Guo Ziwen (who is deemed to have interests in all issued share capital of Ace Rise under Section XV of the Securities and Futures Ordinance) will hold approximately 618 million shares of the company, representing approximately 16.38% of the company's total issued share capital as of the date of this announcement. Upon completion of the transfer, Multi Gold will become the company's largest single shareholder, and Mr. Guo Ziwen will no longer serve as the controlling shareholder of the company. The board (in a meeting attended by all directors) sincerely believes that Multi Gold is likely to establish significant strategic cooperation with the company in existing or future businesses. Multi Gold has been confirmed as a "strategic investor" due to its acquisition of the target shares and its status as a major shareholder of the company, demonstrating confidence in China's prospects. The directors further believe that the transfer will not have any adverse impact on the company's overall operations and financial performance. Following the introduction of Multi Gold as a "strategic investor" on September 20, 2024, Mr. Guo Ziwen has been reassigned from an executive director to a non-executive director, and no longer serves as chairman of the board, chairman of the nomination committee, or the company's authorised representative under Listing Rule 3.05; Alobeidli has been appointed as a non-executive director and chairman of the board; Mr. Huang Weiqiang has been appointed as chairman of the nomination committee; and Mr. Zheng Shaohui has been appointed as the authorised representative and a member of the nomination committee.