Hu Shilong made an unconditional mandatory cash offer to acquire 33.2% stake in Kingwisoft Technology Group Company Limited (SEHK:8295) for HKD 48.2 million on July 26, 2023. Based on the Offer Price of HKD 0.0304 per Offer Share, the maximum amount of offer consideration payable under the Offer will be approximately HKD 48.18 million. Hu Shilong and his concert parties will collectively control approximately 66.82% of the voting rights of Kingwisoft Technology. As part of the offer, Hu Shilong will acquire 1,584,844,209 shares of Kingwisoft Technology. The Offeror will finance and satisfy the maximum amount of offer consideration payable under the Offer by its internal cash resources. Opus Capital has been appointed as the financial adviser to the Hu Shilong. Rainbow Capital (HK) Limited acted as independent financial adviser to the Independent Board Committee of Kingwisoft Technology.

Hu Shilong completed the acquisition of an additional 0.014% stake in Kingwisoft Technology Group Company Limited (SEHK:8295) on October 24, 2023.