ZhengTong Moves Ahead with Share Deal, Takeover Offer Imminent

MT Newswires Live

2025/05/29

China ZhengTong Auto Services is set to issue over 6.6 billion new shares to Xinda Motors, pushing the latter's ownership stake to 75%, and triggering a mandatory public offer to the remaining shareholders, according to a Hong Kong bourse filing on Wednesday.

The move comes after shareholders voted against a proposal that would have exempted Xinda Motors from making a general offer to other investors. However, Xinda Motors has decided to proceed and waived that condition, allowing the deal to move forward.

With all conditions for the deal now either met or waived, China ZhengTong said the share subscription will be completed within 10 business days.

Once completed, Xinda Motors' stake will rise from 25.19% to 75%, which, under local takeover rules, means it must make a general offer to buy the rest of the company's shares.

The offer will be made at HK$0.15 per share, the same price Xinda Motors is paying for the newly issued shares.

CLSA will manage the offer on behalf of Xinda Motors. The deal will be fully funded through Xinda Motors' own resources and will not depend on how many shareholders accept the offer.

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The deal will be fully funded through Xinda Motors' own resources and will not depend on how many shareholders accept the offer.</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1239","symbol_name":"汽車零售","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2539250223","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2539250223","pubTimestamp":1748521702,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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