Chime Corporation Limited has conditionally agreed to acquire a 56.15% stake in Pine Care Group Limited (SEHK:1989) from Smartbase Investments Limited, Starcorp Limited, Century Fortress Limited and Great Canton Investments Limited for approximately HKD 450 million on August 29, 2022. Under the terms, Chime Corporation will pay KHD 0.89 per Sale Share to acquire a total of 506,974,000 Shares. Century Fortress will receive HKD 116.4 million, Great Canton Investments will receive HKD 92.73 million, Starcorp will be paid HKD 199.5 million and Smartbase Investments to receive HKD 43.01 million. In a related transaction, Chime Corporation Limited will make an offer to acquire the remaining stake. Completion shall be conditional upon the conditions precedent including all approvals, authorizations, consents, licenses, certificates, permits, concessions, agreements or other permissions of any kind of, from or by any governmental authority or regulatory body (including the Stock Exchange and the SFC) necessary for the consummation of the transactions contemplated in the agreement having been obtained, all approvals, consents or no objection confirmation letter in respect of the transactions contemplated in the Agreement from Hang Seng Bank Limited and Hongkong and Shanghai Banking Corporation Limited for the facilities undertaken by the Group having been obtained, the written notifications to the Social Welfare Department and OneDegree LTC Limited (in which Pine Care Group has 5% interest) necessary, the listing of the Shares not having been withdrawn. Completion of the transaction is expected within five (5) business days after the day on which the last of the conditions precedent is fulfilled currently agreed to be fulfilled on or before December 31, 2022.

KPMG Corporate Finance Hong Kong and Rainbow Capital (HK) Limited acted as financial advisors to Chime Corporation.