Wang Xiangming entered into a share purchase agreement to acquire a 28.4% stake in Zhonghua Gas Holdings Limited from Smart Lane Global Limited, Front Riches Investments Limited, Uprise Global Investments Limited, Gainup Limited and Lin Min, Mindy for approximately HKD 170 million.

Wang Xiangming entered into a share purchase agreement to acquire a 28.4% stake in Zhonghua Gas Holdings Limited (SEHK:8246) from Smart Lane Global Limited, Front Riches Investments Limited, Uprise Global Investments Limited, Gainup Limited and Lin Min, Mindy for approximately HKD 170 million on April 11, 2023. Under the terms, Wang Xiangming will acquire 1040.64 million shares at a price of HKD 0.168 per share in cash. Uprise Global Investments Limited will sell 12.22% stake, Smart Lane Global Limited will sell 12.22% stake, Front Riches Investments Limited will sell 2.7% stake, Gainup Limited will sell 0.63% and Lin Min, Mindy will sell 0.61% stake in Zhonghua Gas.

Transaction is expected to close on the 60th day from the date of the share purchase agreement which is June 10, 2023. As of June 9, 2023, the transaction is expected to close on August 31, 2023.