Dazheng Capital, Temasek, and Temasek's subsidiary Danchi Capital participated in announcing that ANE (09956) will be delisted from the stock market.

On October 28, a consortium composed of Da Zhen Capital, Temasek, and Temasek Capital ("Consortium") jointly announced with China's leading less-than-truckload express network operator ANE (09956) that they intend to delist the company from the Hong Kong Stock Exchange through a scheme arrangement ("Proposal"). The Consortium has received irrevocable undertakings from the company's CEO Mr. Qin Xinghua and COO Mr. Jin Yun to support the Proposal. The Concert Party (including Mr. Qin and Mr. Jin) collectively holds 35.74% of the company's issued shares (excluding treasury shares). The Proposal offers a cash consideration of HK$12.18 per share, with a valuation of approximately US$1.84 billion (HK$14.3 billion) for the company calculated on an equity value basis, reaching a valuation level not achieved by ANE since mid-November 2021. The privatization price represents a premium of 48.54% over the closing price of HK$8.20 per share on September 3, 2025, the last trading day before abnormal fluctuations in the company's stock price and trading volume occurred. The privatization price is final and the offerors do not reserve the right to increase the price. The Proposal provides shareholders with an attractive opportunity to realize their investments in the company at a considerable premium, especially in a situation of limited stock liquidity, ongoing market risks, and uncertainties. The cash consideration of HK$12.18 per share offers the following premiums: - 48.54% premium over the unaffected date closing price of HK$8.20 per share - 50.18% premium over the 60-day average closing price of HK$8.11 per share as of the unaffected date - 48.18% premium over the 90-day average closing price of HK$8.22 per share as of the unaffected date - 28.21% and 82.88% premiums over the highest and lowest closing prices in the past 52 weeks, respectively - 98.69% premium over the three-year average closing price of HK$6.13 per share as of the unaffected date Since its listing in 2021, the company has faced a series of macroeconomic and industry challenges, including the global pandemic, economic downturn, and increasing market competition. Despite successfully adjusting its operating strategies and achieving leading profitability levels in the industry, the company's stock price has been under pressure due to unfavorable external conditions and insufficient stock liquidity. Selling a large number of shares in the open market without significant discounts is difficult for shareholders. The Proposal provides an opportunity for shareholders to realize their investments in the company at an attractive premium under certainty and reallocating the proceeds to other investment opportunities. Shareholders have a minimal possibility of receiving alternative offers to realize the value of their investments in the company. The Concert Party collectively holds approximately 35.74% of the company's issued shares. Any third party proposing an alternative offer would need the Concert Party's consent to dispose of their holdings, making the likelihood of a competitive proposal very low. The Proposal will also make the company's long-term business decision-making more flexible and efficient. Due to ongoing macroeconomic challenges and intensified competition in the less-than-truckload freight industry, the company faces significant challenges and uncertainties in its future operations. To maintain market competitiveness, the company needs to implement strategic measures that may affect short-term financial performance. After the Proposal's completion, the company will operate as a private entity, no longer under pressure from short-term capital market expectations, stock price fluctuations, and disclosure obligations, allowing more flexibility and efficiency in advancing its strategic priorities. Furthermore, the actual benefits of maintaining the company's listing status are limited, and delisting will enable the company to focus more on its core business. Since 2021, the company's stock price has been under long-term pressure, with low trading volumes and severely restricted access to capital market financing. However, the company still incurs administrative, compliance, and other costs to maintain its listing status, and management devotes substantial time and effort to fulfill obligations as a listed company. Given these circumstances and considering the related costs and resource allocation, maintaining the listing status offers limited benefits for the company. Delisting will immediately save costs and reallocate resources to the core business, improving operational efficiency to support the company's long-term development. The intention to retain employees and implement long-term growth strategies. Following the completion of the Proposal, the offerors plan to retain ANE's existing businesses, strengthen synergies across business segments, actively seek new strategic and development opportunities, and continue to implement the company's long-term growth strategies. Apart from changes that may occur during normal business operations, the offerors also plan to retain the company's current employees.