Shandong Weiqiao Pioneering Group Co.,Ltd agreed to acquire remaining 36.5475% stake in Weiqiao Textile Company Limited (SEHK:2698) for HKD3.5 per share on December 4, 2023. The payment of the total consideration will be financed by internal cash resources and/or external debt financing. CICC acted as financial advisor to Shandong Weiqiao Pioneering Group Co.,Ltd. Elstone Securities Limited acted as Financial advisor to Independent Board Committee.

Shandong Weiqiao Pioneering Group Co.,Ltd completed the acquisition of remaining 36.5475% stake in Weiqiao Textile Company Limited (SEHK:2698) on March 19, 2024. Benita Yu of Slaughter and May acted as legal advisor to China International Capital Corporation Hong Kong Securities Limited (CICC).