DeHeng Hong Kong is participating in a project in relation to the mandatory conditional cash offer by CLSA Limited for and on behalf of Wuxing City Investment HK Company Limited (the “Offeror”) to acquire all the issued shares of Honworld Group Limited (stock code: 2226) (the “Company”) (other than those already owned or agreed to be acquired by the Offeror and parties acting in concert with it).
On 28 September 2023, the Offeror enforced a share mortgage and effected the transfer of 229,424,000 shares of the Company (the “Mortgaged Shares”) from Key Shine Global Holdings Limited to the Offeror (the “Enforcement Action”). Immediately following the Enforcement Action, the Offeror became the beneficial owner of the Mortgaged Shares, representing approximately 39.64% of the entire issued share capital of the Company. CLSA Limited is making a mandatory conditional cash offer for all the issued shares of the Company (other than those shares already owned or agreed to be acquired by the Offeror and parties acting in concert with it) for and on behalf of the Offeror in compliance with the Hong Kong Code on Takeovers and Mergers at the offer price of HK$0.5034 per offer share of the Company.
The Offeror is a wholly owned subsidiary of Huzhou Wuxing City Investment Development Group Co., Ltd.* (湖州吳興城市投資發展集團有限公司) (“Wuxing City Investment”), which is in turn wholly owned by Huzhou City Wuxing District State-owned Capital Supervision and Management Service Centre* (湖州市吳興區國有資本監督管理服務中心). Wuxing City Investment (together with its subsidiaries) is one of the most prominent infrastructure construction and land development platforms in Wuxing District of Huzhou City, Zhejiang Province, China.