Hong Kong Technology Venture Company (HKG:1137) said the unconditional mandatory cash offer by Chief Executive Wong Wai Kay's wholly owned Mission Forward has closed with acceptances for just 0.24% of the company's issued shares, according to a Tuesday bourse filing.

Shares of HKTV lost over 1% in Wednesday afternoon trade.

The offer was triggered by Wong's June purchase of an additional 29.5% stake in Top Group International, HKTV's controlling shareholder, for HK$62.8 million.

The deal lifted Wong's combined personal and Mission Forward stake in Top Group to nearly 52%, giving him indirect control of its 45.01% holding in HKTV and requiring a mandatory takeover offer under Hong Kong's rules.

Mission Forward offered HK$0.654 per share in cash for the remaining HKTV shares it did not control.

After the offer, Mission Forward and its concert parties hold about 51.59% of HKTV, with the public retaining 48.41% - comfortably above the 25% minimum float threshold.

Wong has previously said there is no plan to privatise the company or delist its shares.