CHINA NEXT-GEN (03928) changes ownership, with approximately 82.32% discount in a full purchase offer. Resumption of trading on August 11th.

CHINA NEXT-GEN (03928) announces that the board of directors has been informed by the offeror (Vanjiang Capital Limited) that on July 29, 2025, the seller (Alpine Treasure Limited) and the offeror entered into a sale and purchase agreement. Under this agreement, the seller agrees to sell and the offeror agrees to purchase the shares for sale, namely 360 million shares, equivalent to 75% of the total issued share capital of the company as of the date of this joint announcement, for a total cash consideration of HK$2.228 billion (equivalent to HK$0.6189 per share for the shares for sale). The completion date is set for August 8, 2025. Following the completion and as of the date of this joint announcement, the offeror and its concerted parties collectively hold interests in 360 million shares, representing approximately 75% of the total issued share capital of the company. According to Rule 26.1 of the Takeovers Code, the offeror must make an offer for all issued shares not already owned or agreed to be acquired by the offeror and its concerted parties. The offer price for the shares to be acquired is HK$0.6189 per share, representing a discount of approximately 82.32% compared to the closing price of HK$3.5 per share on July 28. The offeror, a limited company registered in the British Virgin Islands on July 11, 2025, is primarily engaged in investment holding. As of the date of this joint announcement, the offeror is fully owned by Ms. Wang Kaili. Ms. Wang is the sole shareholder and sole director of the offeror. Since October 2024, she has been serving as a director of Astrum Apex Investments Limited, a private company engaged in investment holding, responsible for identifying and evaluating various investment opportunities. The offeror intends to maintain the listing status of the shares on the Stock Exchange of Hong Kong after the conclusion of the offer. Additionally, the company has applied for the resumption of trading of its shares on the Stock Exchange of Hong Kong from 9:00 am on August 11, 2025.