Zhongying Int’l Holding Group Limited made an offer to acquire 56.3% stake in PacRay International Holdings Limited (SEHK:1010) from Vision2000 Venture Ltd. and other shareholders for approximately HKD 280 million on December 22, 2020. Under the term, Zhongying Int’l Holding Group will acquire 208.59 million share of PacRay at HKD 1.345 per share in cash. Vision2000 Venture Ltd. will transfer 104 million shares representing 28.35% stake in PacRay. In related transaction, Zhongying Int’l Holding Group Limited entered into a share purchase agreement to acquire additional 34.6% stake in PacRay International Holdings Limited from Tong Liang and Chu Yung-Yi for approximately HKD 170 million on December 22, 2020. The transaction will be funded from internal resources of Zhongying Int’l Holding Group Limited. An independent board committee comprising Zhou Danqing, Ching Ching, Weng Yuzhen and Zhang Shengdong formed for advising the shareholder about the offer. Zhongying Int’l Holding does not intend to exercise any power of compulsory acquisition of any outstanding offer Shares not acquired under the offer after the close of the offer. The transaction is subject to valid acceptances holding more than 50% of the voting rights of PacRay International Holdings. As on January 19, 2021, Zhongying Int’l Holding Group Limited had received valid acceptances of a total of 29.08 million shares, representing approximately 7.86% of the entire issued share capital of the Company. Zhongying Int’l Holding Group Limited would hold an aggregate of 190.7 million shares, representing approximately 51.52% thus making offer becomes unconditional in all respects. The transaction will remain open for acceptance till February 2, 2021. The transaction is expected to close on February 16, 2021. SPDB International Capital Limited acted as a financial advisor to Zhongying Int’l Holding Group. Felix Chan of Shenyin Wanguo Capital (H.K.) Limited acted as a financial advisor for independent board committee of PacRay International. Tricor Tengis Limited acted as registrar in the transaction.