YS Zeng, Wei Haiyan, Zeng Sheng, Hakka Park International Group Co Ltd. and Bowie Resources Limited made an offer to acquire 48.4% stake in Hydoo International Holding Limited (SEHK:1396) for approximately HKD 590 million on August 13, 2019. YS Zeng, Wei Haiyan, Zeng Sheng, Hakka Park International Group Co Ltd. and Bowie Resources Limited will acquire 1.9 billion shares at HKD 0.31 per share. In a related transaction, YS Zeng, Wei Haiyan, Zeng Sheng, Hakka Park International Group Co Ltd. and Bowie Resources Limited entered into the Sale and Purchase Agreement to acquire 51.6% stake in Hydoo International Holding Limited on July 28, 2019. YS Zeng, Wei Haiyan, Zeng Sheng, Hakka Park International Group Co Ltd. and Bowie Resources Limited intends to finance and satisfy the consideration payable under the Share Offer entirely by the proceeds from the issue of the Convertible Bonds (taking into account the Irrevocable Undertaking) in the sum of HKD 501.7 million. The offerors intend Hydoo to remain listed on the Stock Exchange after the close of the Share Offer. As at the date of this joint announcement, the offerors have no intention to (i) discontinue the employment of any employees of the Group (save for the proposed changes to the composition of the Board to be determined) or redeploy the fixed assets of the Group other than those in its ordinary and usual course of business. An Independent Board Committee comprising of Yuan Bing, Zhao Lihua, Lam Chi Yuen Nelson and Yue Zheng has been established to give a recommendation to the offer shareholders. The Share Offer will be unconditional in all respects when made. As of September 20, 2019, Independent Board Committee recommended shareholders to accept the offer. Offer closing date is October 11, 2019. Zhongtai International Capital Limited acted as financial adviser to YS Zeng, Wei Haiyan, Zeng Sheng, Hakka Park International Group Co Ltd. and Bowie Resources Limited. Opus Capital Limited acted as financial adviser to the independent board committee as a part of the transaction.