Truly International Holdings Limited (00732) announced on 22 October 2025 a proposal to submit bids for acquiring an additional 11.43% equity interest in Truly (Renshou) High-end Display Technology Limited (“Truly RS”). The equity interests are currently held by Renshou County Industries Investment Co., Ltd. (“Renshou Industries”) and may be sold through two separate public tenders. The total consideration is capped at RMB1,050 million.

Truly RS is 29.69% owned by Truly Opto-Electronics Limited, a non-wholly owned subsidiary of Truly International, with Renshou Industries and Renshou Jian No. 1 Investment Centre Limited Partnership jointly holding the remainder. If both tenders are successful, Truly Opto-Electronics’ stake in Truly RS would rise from 29.69% to approximately 41.13%. Should only one tender be successful, it would move to about 35.41%. The announcement stated that Truly RS will remain an associate of the group, accounted for by the equity method.

According to audited figures for the two years ended 31 December 2024, Truly RS registered revenue of RMB2,402,848,000 in 2023 and RMB3,514,656,000 in 2024. The proposed acquisitions aim to increase production capacity for TFT-LCD display products, and the company believes the terms are reasonable and in its overall interests.

Upon fulfilling the necessary tender procedures, the acquisition is expected to be treated as a major transaction under Chapter 14 of the Hong Kong Listing Rules. The company plans to seek shareholders’ approval in advance at an extraordinary general meeting. It is expected that a circular containing further transaction details and financial information will be distributed on or before 24 November 2025.