Yeung Man made a voluntary conditional cash offer to acquire remaining 25% stake in Hailan Holdings Limited (SEHK:2278) for approximately HKD 250 million on April 27, 2023. Under the offer, Yeung Man will acquire 75 million shares of Hailan Holdings Limited at an offer per share of HKD 3.36 in cash. The offeror intends to finance the offer by way of internal resources. Completion of the offer is subject to the condition being fulfilled. The offer is conditional on valid acceptances of the offer being received (and not, where permitted, withdrawn) on the closing date in respect of such number of offer shares which would result in the offeror holding at least 90% of the offer shares. As of July 3, 2023, the offer has become unconditional in all respects since the valid acceptances of the offer received which would result in Yeung Man holding at least 90% of the offer shares. The offeror intends to privatize Hailan Holdings by exercising its right to compulsorily acquire those offer shares not already acquired by the offeror under the offer. The Independent Board Committee, comprising all independent non-executive Directors of Hailan Holdings has been established to advise the Independent Shareholders in respect of the offer and in particular as to whether the terms of the offer is fair and reasonable and as to acceptance of the offer. As of July 3, 2023, Yeung Man received valid acceptances in respect of a total of 71.24 million offer shares under the offer, representing approximately 95.0% of the offer shares has been satisfied. As a result, Yeung Man would hold an aggregate of 296.24 million shares, representing approximately 98.7% of the total issued share capital of Hailan Holdings. The offer will commence on June 12, 2023, and the latest date for acceptances to be lodged under the offer is July 3, 2023, being the first closing date, unless extended. As of July 3, 2023, the offer will remain open for acceptance until July 17, 2023. Yu Ming Investment Management Limited acted as financial advisor to the offeror. Pelican Financial Limited has been appointed as the independent financial advisor of Hailan Holdings to advise the Independent Board Committee in respect of the offer and determining the fairness and reasonableness of the terms of the offer. Computershare Hong Kong Investor Services Limited acted as registrar to Hailan Holdings.

Yeung Man completed the acquisition of remaining 25% stake in Hailan Holdings Limited (SEHK:2278) on July 18, 2023.