HK Stock Market Move | HK ASIA HLDGS(01723) resumed trading with a high opening, up more than 64%, receiving a discount of about 5.26% to fully purchase the offer.

HK ASIA HLDGS (01723) resumed trading with a high opening of over 64%, as of the time of writing, it has risen by 64.21%, at 0.78 Hong Kong dollars, with a turnover of 1.8439 million Hong Kong dollars. On the news front, on January 20, HK ASIA HLDGS, together with the joint offeror 210K Capital, LP, Sora Valkyrie Limited, Top Legend SPC and Hengda Investment Limited, jointly announced that on January 15, 2025, the joint offeror completed the acquisition of approximately 281 million shares from Mr. Xiao Mulong, chairman and executive director of the company, representing about 70.26% of the company's issued share capital on the date of this joint announcement. The consideration under the sale and purchase agreement is approximately 126.5 million Hong Kong dollars, equivalent to 0.45 Hong Kong dollars per share. Therefore, following the completion of the acquisition, in accordance with Rule 26.1 of the Takeovers Code, the joint offeror must make a mandatory unconditional cash offer for all issued shares (excluding those already owned by the joint offeror and/or any concert parties who have agreed to sell them to the acquirer). The cash offer for each share is 0.45 Hong Kong dollars, representing a discount of approximately 5.26% to the closing market price of 0.475 Hong Kong dollars per share on the last trading day on the Stock Exchange.