Chen Jianqiang made a proposal to acquire remaining 26.78% stake in Springland International Holdings Limited (SEHK:1700) from Celestial Spring Limited and others for HKD 1.2 billion on October 29, 2019. Chen Jianqiang will acquire 527.5 million shares at HKD 2.3 each. Chen Jianqiang currently owns 73.22% stake. Chen Jianqiang intends to finance the cash required for the proposal through a loan facility. Springland International will apply to The Stock Exchange of Hong Kong Limited for the withdrawal of the listing of the shares on The Stock Exchange of Hong Kong Limited immediately following the scheme becoming effective. The transaction is subject to the approval of the scheme by at least 75% in value of the shares held by the independent shareholders and sanction by Grand Court. An Independent Board Committee, comprising a non-executive Director Fung Hiu Chuen, John and independent non-executive Directors Lin Zhijun, Zhang Weijiong and Cheung Yat Ming has been established by the Board to make a recommendation to the independent shareholders as to whether the terms of the scheme are, or are not, fair and reasonable and as to voting. As of November 29, 2019, parties agreed to extend the time for dispatching scheme document on or before January 14, 2020. The long stop date is May 31, 2020. The transaction has been approved by independent committee on January 14, 2020. It is expected that the scheme will become effective on or around February 27, 2020. M. N. Sabine of Somerley Capital Limited acted as the independent financial advisor to advise the Independent Board Committee in connection with the proposal and the scheme. DBS Asia Capital Limited acted as the independent financial advisor to Chen Jianqiang. Grant Sherman acted as independent valuer in the transaction. Ernst & Young acted as certified public accountant to Springland in the transaction. Computershare Hong Kong Investor Services Limited acted as registrar to Springland in the transaction.