Cui Genxiang, the Executive Chairman of Hengxin Technology Ltd. offered to acquire remaining 69.5% stake in Hengxin Technology Ltd. (SGX:I85) for approximately HKD 280 million in cash on August 15, 2013. The offer per share is HKD 1.04 per share. In the event that the offer is accepted by holders of 90% or more of the shares, Cui Genxiang will be entitled to exercise the right of compulsory acquisition. The financial resources of the offer are financed by the internal resources and the remaining balance by a margin financing facility of HKD 130 million granted by Haitong International Securities Company Limited.

The transaction and the delisting is pending the requisite approvals and waivers from the Securities Industry Council, SGX approval and shareholders of Hengxin Technology such that resolution to delist has been approved by a majority of at least 75% of the total number of issued shares, minimum number of acceptances being received and offer becoming or being declared to be unconditional in all respects.

An independent Board committee has been established to advise the shareholders. The last date of fulfillment of the above conditions to the offer is December 31, 2013. As on November 19, 2013, Composite Offer Document will be dispatched on or before November 15, 2013 and deal is expected to complete on or before March 31, 2014. As of November 11, 2013, the mandate of Hengxin Technology with DMG & Partners Securities Pte in respect of its role as the independent financial adviser in Singapore expired. As of November 28, 2013, Ernst & Young Corporate Finance Pte Ltd was appointed as the independent financial advisor in Singapore to advise the Independent Board Committee.

Haitong International Capital Limited acted as financial advisor for Cui Genxiang. DMG & Partners Securities Pte Ltd, Ernst & Young Corporate Finance and RHB OSK Capital Hong Kong acted as financial advisors for Hengxin Technology.

Cui Genxiang, the Executive Chairman of Hengxin Technology Ltd. terminated the acquisition of remaining 69.5% stake in Hengxin Technology Ltd. (SGX:I85) on January 1, 2014. The offer has lapsed because the conditions to the offer were not fulfilled by December 31, 2013.