Zhongyi Century Cultural Industry Investment Co., Ltd. made an offer to acquire Poly Culture Group Corporation Limited (SEHK:3636) from China Poly Group Corporation Limited, Poly Developments and Holdings Group Co., Ltd. (SHSE:600048), Poly International Holdings Co., Ltd. and Poly Investment Holdings Company Limited for approximately CNY 2 billion on June 27, 2023. Zhongyi Century Cultural Industry Investment Co., Ltd. will pay HKD 8.88 per H Share to the H Shareholders in cash to cancel the H Shares held by the H Shareholders; and (b) CNY 8.17386240 per Domestic Share. The payment of the total consideration for cancellation of the H Shares will be financed by internal resources of China National Arts (HK) which are funded by intra-group borrowings from Poly Group and its subsidiaries.

The transaction is subject to approval from Target Board and Target Shareholders. As of August 15, 2023, there is delay in Composite Document. Initially, the document was to be sent by July 18, 2023, but an extension was granted until August 15, 2023 due to preparatory needs.

Another extension to September 30, 2023 was granted for additional preparations. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor for Zhongyi Century Cultural Industry Investment Co., Ltd. Maxa Capital Limited acted as financial advisor to Poly Cultural Group. Iris Yeung of Allen & Overy LLP acted as legal advisor for CITIC.