Longway Services Group Limited made an offer to acquire 52.26% stake in Zhuhai Holdings Investment Group Limited (SEHK:908) from a group of sellers for approximately HKD 900 million on January 21, 2020. Longway Services Group Limited will acquire 746 million shares of Zhuhai Holdings Investment Group Limited at a price of HKD 1.21 per share. In a related transaction, Longway Services Group acquired 5.53% stake in Zhuhai Holdings Investment Group Limited (SEHK:908) from Dragon Hill Corporation Limited for HKD 95 million on January 22, 2020. As on march 27, 2020, Longway Services acquired 34 million shares on the open market. Now, Longway Services Group Limited will acquire 712.2 million shares, representing 49.88% stake in Zhuhai Holdings Investment Group. The total consideration will be HKD 861.8 million. Longway Services will pay the consideration by its internal cash resources. Upon completion of the transaction, Zhuhai Holdings Investment Group Limited will become the subsidiary of Longway Services Group Limited. The Offeror does not intend to avail itself of any powers of compulsory acquisition of any outstanding Offer Shares not acquired under the Offer after the close of the Offer. Concert Group intends to maintain the listing of the Shares on the Stock Exchange following the close of the Offer. As at the Latest Practicable Date, the Board comprises HUANG Xin, JIN Tao, YE Yuhong and LI Wenjun as executive Directors; Datuk Wira LIM Hock Guan (LIM Seng Lee as his alternate), KWOK Hoi Hing ( ZHU Minming as his alternate) and ZOU Chaoyong as non-executive Directors; and HUI Chiu Chung, CHU Yu Lin, David, Albert HO and WANG Yijiang as independent non-executive Directors. It is stated that (i) it is intended that Datuk Wira LIM Hock Guan will resign from the Board following the close of the Offer; (ii) Huang informed the Board that he would not offer himself for re-election at the upcoming annual general meeting of the target company to be held on June 29 2020, and he will retire upon the conclusion of such annual general meeting and upon such retirement will cease to be the chairman of the Board and an executive Director; and (iii) it is intended that ZENG Jianping will be appointed as an executive Director after the despatch of the Composite Document. As on March 30, 2020, this offer has become unconditional. As of April 17, 2020, board of Zhuhai Holdings Investment recommended the offer to company’s shareholders. The offer period is from January 21, 2020 to May 8, 2020. The Independent Financial Advisor will be appointed by Zhuhai Holdings Investment with the approval of the Independent Board Committee to advise the Independent Board Committee in respect of the Offer. The offer is conditional on the number of Shares in respect of valid acceptances of the Offer being received by offer closing date. Essence Corporate Finance (Hong Kong) Limited acted as financial advisor to the Longway Services Group Limited and Southwest Securities (HK) Capital Limited acted as financial advisor to Zhuhai Holdings Investment. Longway Services Group Limited completed the acquisition of 11.39% stake in Zhuhai Holdings Investment Group Limited (SEHK:908) from a group of sellers for approximately HKD 200 million on May 8, 2020. Longway Services Group Limited acquired 162.6 million shares under the offer. Post completion, Longway Services Group Limited holds 45.03% stake in Zhuhai Holdings Investment Group Limited.