Huang Wenji made a pre-conditional voluntary securities exchange partial offer to acquire 54.74% of Jun Yang Financial Holdings Limited (SEHK:397) for approximately HKD 340 million on November 17, 2017. Under the terms of the transaction, Huang Wenji will issue 5 shares of China Jicheng Holdings Limited (SEHK:1027), an entity in which it holds 65.68% stake, for every 4 shares of Jun Yang Financial Holdings Limited. Jicheng Investment Limited will also acquire 116.8 million options of Jun Yang Financial Holdings Limited and will receive consideration which includes 2003 Jun Yang Options are entitled to receive 1 China Jicheng Holdings Limited share for cancellation of every 1,000 2003 Jun Yang Options; 2013 Jun Yang Options having exercise period commencing from April 10, 2017 to April 9, 2019 will receive 107 China Jicheng Holdings Limited shares for cancellation of every 500 such Jun Yang Options; 2013 Jun Yang Options having exercise period commencing from January 24, 2017 to January 23, 2019 will receive 123 China Jicheng Holdings Limited shares for cancellation of every 320 such Jun Yang Options. Huang Wenji intends to obtain the pre approvals for the transaction on or before June 30, 2018. If any of the pre-conditions is not satisfied or waived on or before June 30, 2018, the offers will not be made. The option offer will be conditional upon the partial offer becoming or being declared unconditional in all respects, approval of the partial offer by the registered Jun Yang Financial Holdings Limited’ shareholders, Securities and Futures Commission of Hong Kong approving the transaction, valid acceptance of the partial offer being received in respect of a minimum share capital of Jun Yang Financial Holdings Limited and Jun Yang Financial Holdings Limited' shares to remain listed and traded on the Main Board of the Stock Exchange. As on December 28, 2017, approval from Securities and Futures Commission of Hong Kong has not been received. The offers must also remain open for acceptance for at least 14 days after the offers become unconditional. As of June 27, 2018, the all the pre-conditions has been satisfied and the offer has become unconditional. As of July 18, 2018, Power Financial Group Limited issued circular to its shareholders. The independent board committee recommended the shareholders not to approve and accept the offer. Offer is expected to close on September 3, 2018. As of July 18, 218, completion is expected to take place on August 1, 2018. As of August 1, 2018, the offer period is extended to August 24, 2018. As of August 24, 2018, the offer period is further extended to September 3, 2018. As of December 20, 2017, independent board committee has been formed comprising Choi Chun Chung, Danny, Wong Kun To, Chu Hau Lim and Lim Xue Ling, Charlene to advise and recommend independent shareholders in respect of offer. Beijing Securities Limited acted as independent financial advisor for Jun Yang Financial Holdings Limited. Optima Capital Limited acted as financial advisor to Huang Wenji. Estera Corporate Services (BVI) Limited appointed as registrar to the offeror. Tricor Tengis Limited acted as registrar to Power Financial Group Limited. As of April 17, 2018, Beijing Securities Limited has assigned its obligations to provide the advisory service to Pelican Financial Limited and the change has been approved by independent board committee.