HNA Ecotech (HK) Co. Limited agreed to make a possible mandatory unconditional cash offer to acquire 38.61% stake in Advanced Card Systems Holdings Limited (SEHK:2086) for approximately HKD 330 million on January 12, 2017. Under the terms, HNA Ecotech (HK) Co. Limited will make an offer to acquire 123.39 million shares at HKD 2.66 per share. In a related transaction, HNA Ecotech (HK) Co. Limited entered into a sale and purchase agreement to acquire 61.39% stake in Advanced Card Systems Holdings Limited (SEHK:2086) from Tsui Kam Ling, Wong Chi Ho, Wong Chi Kit and Chan Angelica Sheung Ying for approximately HKD 520 million on January 9, 2017. Post completion of both the transactions, HNA Ecotech (HK) Co. Limited will hold 100% stake in Advanced Card Systems Holdings Limited and intends to maintain its listing status. The consideration will be satisfied by the own resources of HNA Ecotech (HK) Co. Limited. The offer is conditional on completion of the related transaction pursuant to which, HNA Ecotech acquires 61.39% stake in Advanced Card Systems. Advanced Card Systems Holdings Limited established an independent Board committee comprising Kaung Cheng Xi Dawn, Lo Kar Chun, SBS, JP and Yim Kai Pung to advise the shareholders in respect of the offer. A letter of recommendation from independent board committee and letter of advice from independent financial advisor is expected to be dispatched on or before February 2, 2017. As of March 1, 2017 the composite offer document has been dispatched. The offer closes on March 22, 2017. Angel Huang from Jones Day acted as legal advisor to HNA Ecotech. Fortune Financial Capital Limited acted as a financial advisor to HNA Ecotech (HK) Co. Limited and Gram Capital Limited acted as a financial advisor to the independent Board committee of Advanced Card Systems Holdings Limited.