Jiangsu Provincial Construction Group Co., Ltd. acquired 8.33% stake in Kwan On Holdings Limited (SEHK:1559) from Fortune Elite Holdings Limited for HKD 26.4 million on September 4, 2020. Under the terms of transaction, Sino Coronet will purchase 132 million shares, representing HKD 0.2 per share. In a separate transaction, Jiangsu Provincial Construction Group Co., Ltd. acquired 13.89% stake in Kwan On Holdings Limited (SEHK:1559) from Splendid Horizon Limited for HKD 48.4 million and Jiangsu Provincial Construction Group Co., Ltd. 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. VMS Securities acted as financial advisor for Sino Coronet Group. Jiangsu Provincial Construction Group Co., Ltd. completed the acquisition of 8.33% stake in Kwan On Holdings Limited (SEHK:1559) from Fortune Elite Holdings Limited on September 4, 2020.