China Netcom Technology (08071) said offeror 51RENPIN.COM INC. will make a conditional mandatory cash offer to acquire all the issued shares of China Netcom Technology after the acquisition of about 43.89% stake at about HK$148 million.
The offer price is HK$0.082 per share, representing a discount of about 40.6% to the closing price of HK$0.138.
The offeror intends to maintain the listing of the China Netcom Technology shares on the GEM after the close of the offer and the China Netcom Technology Group will continue with its existing principal activities.
The offeror is wholly owned by Shanghai Wuniu Network Technology Company Limited. Shanghai Wuniu is in turn wholly owned by Hangzhou Enniu Network Technology Company Limited. Hangzhou Enniu is principally engaged in the fields of, amongst others, development of internet technologies and network engineering. Sun Haitao, Steven is the director and the ultimate controlling shareholder of the offeror.
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