HK ASIA HLDGS (01723) got a discount of about 5.26% to complete the full purchase offer and resume trading on January 21.

HK ASIA HLDGS (01723) and the joint offeror 210K Capital, LP, Sora Valkyrie Limited, Top Legend SPC, and Hendry Investment Limited jointly announced that on January 15, 2025, the joint offeror completed the acquisition of a total of approximately 281 million shares from Mr. Xiao Mulong, Chairman and CEO of the company, representing approximately 70.26% of the company's issued share capital as of the date of the joint announcement. The consideration under the purchase agreement is approximately HK$126.5 million, equivalent to HK$0.45 per share. Therefore, following the completion of the acquisition, in accordance with Rule 26.1 of the Takeover Code, the joint offeror must make a mandatory unconditional cash offer for all issued shares (excluding those already owned and/or agreed to be acquired by the joint offeror and/or any concerted parties). The cash offer price per share is HK$0.45, a discount of approximately 5.26% from the last traded market price of HK$0.475 per share on the HKEX. Following the completion of the acquisition, the joint offeror and the concerted parties together hold interests in approximately 281 million shares, and the offer will involve approximately 118.9 million shares. Based on the offer price of HK$0.45 per share, the maximum cash consideration payable by the joint offeror for the offer will be HK$53.5185 million. The joint offeror intends to fully fund the consideration under the offer with financing provided by a securities firm. Additionally, on January 14, 2025, the company entered into a subscription agreement with the joint offeror to issue convertible notes worth HK$33.75 million to the joint offeror, with an initial conversion price of HK$0.45 per share. The company has applied to the HKEX for the resumption of trading of its shares on the HKEX starting from 9:00 am on January 21, 2025.