Sun Xue Song and Xue Zhao Qiang made an offer to acquire 43.02% stake in Steed Oriental (Holdings) Company Limited (SEHK:8277) for approximately HKD 140 million on June 22, 2016. As part of the deal, Sun Xue Song and Xue Zhao Qiang will acquire 86.17 million shares at an offer price of HKD 1.67 per share. Sun Xue Song and Xue Zhao Qiang will also acquire 9.3 million options at HKD 0.84 per options. The joint offerors will satisfy the consideration payable under the offer by way of the facility. A loan facility of up to HKD 250 million is granted by Guotai Junan Securities (Hong Kong) Limited. Sun Xue Song and Xue Zhao Qiang have been appointed as executive Directors. Ding Hongquan, Dong Ping and Zhu Da have been appointed as independent nonexecutive Directors. Huang Dong Sheng has been re-designated from an executive Director to a non-executive Director. Wong Sut Keng and Wong Hang Kuen have resigned as executive Directors; Chan Kai Nang, Ho Chee Mun and Yuen Kim Hung Michael have resigned as independent non-executive Directors and Yeung Hung Yuen will resign as an executive Director. Huang Dong Sheng has resigned as the chairman of the Company and Sun Xue Song has been appointed as the chairman of the Company and Xue Zhao Qiang has been appointed as the Chief Executive Officer of the company. Yuen Kim Hung Michael has resigned as member and chairman of the Audit Committee. Chan Kai Nang and Ho Chee Mun have resigned as members of the Audit Committee; Ding Hongquan, Ms. Dong Ping and Zhu Da have been appointed as members of the Audit Committee. Zhu Da has also been appointed as the chairman of the Audit Committee; Ho Chee Mun has resigned as member and chairman of the Remuneration Committee. Chan Kai Nang and Yuen Kim Hung Michael have resigned as members of the Remuneration Committee. Ding Hongquan, Dong Ping and Zhu Da have been appointed as members of the Remuneration Committee. Dong Ping has also been appointed as the chairman of the Remuneration Committee Chan Kai Nang has resigned as member and chairman of the Nomination Committee. Ho Chee Mun and Yuen Kim Hung Michael have resigned as members of the Nomination Committee; and Ding Hongquan, Dong Ping and Zhu Da have been appointed as members of the Nomination Committee. Ding Hongquan has also been appointed as the chairman of the Nomination Committee. Yeung Hung Yuen has resigned as the Compliance Officer and Sun Xue Song has been appointed as the Compliance Officer. The joint offerors intends to maintain the listing of the shares on the stock exchange after the close of the offer. If the public float of the company falls below 25% following the close of the offers, the joint offerors and the Directors to be appointed to the Board will undertake to the stock exchange to take appropriate steps to ensure that a sufficient public float exists for the shares following the close of the offers. Independent Board Committee of Steed Oriental will be constituted in due course to advice the shareholders. There are no conditions to which the offer is subjected. The transaction was approved by the Board of Directors of Steed Oriental (Holdings) Company Limited. Guotai Junan Securities (Hong Kong) Limited acted as financial adviser to Sun Xue Song and Xue Zhao Qiang. As of June 28, 2016, VBG Capital was appointed as financial advisor for Board of Steed Oriental. Sun Xue Song and Xue Zhao Qiang completed the acquisition of 19.79% stake in Steed Oriental (Holdings) Company Limited (SEHK:8277) for approximately HKD 66 million on August 12, 2016