HK Stock Market Move | HING LEE (HK)(00396) fell more than 36% The memorandum of understanding for the acquisition or change of control becomes invalid and the offer period ends.

HING LEE (HK) (00396) fell over 36%, and as of the report, dropped 35.88% to 0.218 Hong Kong dollars, with a turnover of 5.3757 million Hong Kong dollars. On the news front, on the evening of May 26, Xingli (Hong Kong) Holdings announced that a possible transaction could result in a change in the controlling interest of the group. According to Rule 26.1 of the Takeovers Code, a mandatory general offer must be made, and the memorandum of understanding has expired, with the offer period ending yesterday. The announcement stated that in accordance with the terms of the memorandum of understanding, the potential transaction must wait for both parties to negotiate and sign a legally binding purchase agreement within 2 months from the date of the memorandum, which was on the 25th of this month or earlier, before it can be implemented. As of May 25, a formal purchase agreement had not been reached for the potential transaction, and the memorandum of understanding had expired. According to the terms of the memorandum of understanding, the earnest money paid by the potential buyer has also been forfeited by the potential seller.