Chu, Nicholas Yuk-yui (Chu) made a proposal for scheme of arrangement to acquire remaining 25.39% stake in Kingston Financial Group Limited (SEHK:1031) from Lee Wai Man, Li Yuet Mei, Wong Jimmy, Wong Chi and others for HKD 1 billion on October 13, 2022. Under the terms, HKD 0.30 cash per share will be paid for 3,457.27 million shares of Kingston Financial Group. Scheme will only be implemented on ordinary shares of Kingston Financial. Chu intends to finance the entire cash amount required for the scheme by its internal cash resources. As on October 13, 2022, Chu holds 74.60% stake in Kingston Financial Group and post completion Chu will hold entire issued share capital Kingston Financial and the listing of the ordinary Shares will be withdrawn from the Stock Exchange. Scheme is subject to approval of Kingston's shareholders, approval by supreme Court of Bermuda. As of January 17, 2023, the shareholders meeting is going to happen on February 9, 2023. As of January 20, 2023, Due to the unavailability of the Bermuda Court on Friday, February 24, 2023, the Court Hearing is scheduled to be held on Friday, February 17, 2023. As on February 17, 2023, Scheme has been approved by Bermuda Court. As on February 22, 2023, all condition have been fulfilled related to the scheme. Scheme is expected to close on March 31, 2023. Nuada Limited and Altus Capital Limited acted as financial advisor to Chu. Kingston Corporate Finance Limited and Altus Capital Limited acted as financial advisor to Kingston Financial Group Limited.

Chu, Nicholas Yuk-yui (Chu) completed the acquisition of a 25.39% stake in Kingston Financial Group Limited (SEHK:1031) on February 22, 2023.