Jiangsu Provincial Construction Group Co., Ltd. entered into SPA I to acquire 13.9% stake in Kwan On Holdings Limited (SEHK:1559) from Splendid Horizon Limited for HKD 48.4 million on September 4, 2020. Under the terms of transaction, Jiangsu Provincial will purchase 220 million shares, representing HKD 0.22 per share. In a related transaction Jiangsu Provincial acquired 8.33% stake in Kwan On Holdings from Fortune Elite Holdings for HKD 26.4 million and made a mandatory tender offer to acquire remaining stake in Kwan On Holdings Limited at offer price of HKD 0.22 per share in cash. Jiangsu Provincial Construction Group Co., Ltd. completed the acquisition of 13.9% stake in Kwan On Holdings Limited (SEHK:1559) from Splendid Horizon Limited on September 4, 2020.