GENES TECH (08257) and the offeror, Watlow Electric Manufacturing Company, jointly announced that on November 14, 2025 (after trading hours), the offeror requested the board to propose a privatization plan to shareholders. The proposal involves canceling all plan shares under Section 86 of the Companies Act. Upon the plan's effectiveness, all plan shares will be canceled at a price of HK$0.245 per share, representing an approximately 87.0% premium over the closing price of HK$0.131 per share on November 5, 2025 (the last trading day). The company has applied to the Hong Kong Stock Exchange for the resumption of trading on the GEM starting at 9:00 a.m. on November 17, 2025.

The offeror group is a world-class industrial technology conglomerate specializing in advanced thermal systems for demanding industrial applications. It holds over 1,100 patents and employs more than 4,000 team members across technology centers and manufacturing bases in the U.S., Mexico, Europe, and Asia. The offeror is wholly owned by TWE Intermediate Holdings, Inc., a subsidiary of TWE Holdings, LLC, which is 59% owned by TWE Aggregator Holdings, LLC. The latter is 87% held by Tinicum L.P., whose affiliated investment partnerships manage a diversified portfolio in manufacturing, distribution, and industrial technology. Tinicum's assets under management amount to approximately $3.8 billion.