Chen made an offer to acquire remaining 45% stake in Khoon Group Limited (SEHK:924) for approximately HKD 130 million on December 19, 2022. Chen intends to finance the Consideration payable under the Acquisition and the Offer with its internal resources. The transaction is expected to close on February 24, 2023.

VBG Capital Limited and Grande Capital Limited acted as financial advisors to Khoon Group and Akron Corporate Finance Limited acted as financial advisor to Chen.