Dowway Holdings Limited (Stock Code: 8403) and the offeror Sun Wei released a joint announcement regarding the outcome of the mandatory conditional cash offer to acquire all issued shares of Dowway Holdings that are not already owned or agreed to be acquired by the offeror and parties acting in concert with him. The offer, which was made through Rainbow Capital (HK) Limited on behalf of Sun Wei, lapsed following the first closing date on 5 February 2026.

According to the announcement, as of 4:00 p.m. on 5 February 2026, valid acceptances were received for a total of 1,996,000 offer shares, representing approximately 1.30% of the issued share capital of Dowway Holdings. Together with shares already owned by the offeror and parties acting in concert with him, the acceptances totaled approximately 36.77% of Dowway Holdings’ total issued shares. The offer was conditional upon these holdings exceeding 50%, but that requirement was not met.

Due to the acceptance level not meeting the 50% threshold, the offer did not become unconditional and lapsed on 5 February 2026. The announcement confirms there will be no extension or revision of the offer. As at the date of the announcement, the offeror and parties acting in concert with him collectively held about 35.48% of the company’s total issued shares.

The announcement also states that all relevant share certificates and documents of title for shares tendered but not accepted will be returned to shareholders by ordinary post at their own risk no later than seven business days after the lapse of the offer, which is 16 February 2026.