HK Stock Market Move | WECON HOLDINGS (01793) resumed trading and dropped by 20%, with the controlling shareholder offering a discount of about 13.8% to privatize the company.

WECON HOLDINGS (01793) resumed trading and plunged 20%, as of the time of writing, down 18.46%, at 0.265 Hong Kong dollars, with a turnover of 1.786 million Hong Kong dollars. On the news side, on the evening of March 16, WECON HOLDINGS announced that its controlling shareholder, Triple Arch, plans to privatize the company through a cash offer of 0.28 Hong Kong dollars per share, representing a discount of 13.8% to the last trading price before the suspension. After the privatization takes effect, the company will apply for the withdrawal of the listing status of its shares. Currently, the offeror holds 75% of the company's share capital. The announcement also stated that the offer price is final and will not be increased, and the offeror does not reserve the right to act in this manner. The offeror will not be allowed to increase the offer price. The offeror's entire issued share capital is ultimately beneficially owned by the Zeng family.