Guangdong-Hong Kong Greater Bay Area (HKG:1396) has agreed to acquire Wisdom Knight, a BVI-based AI firm, from Champion Road Group, for HK$976.5 million, according to a Wednesday Hong Kong bourse filing.
The consideration will be settled by issuing 310 million new shares at HK$3.15 each under a specific mandate.
Upon completion, Wisdom Knight will become a wholly owned subsidiary, and its financials will be consolidated.
The issue price was negotiated on an arm's length basis and represents a 2,323% premium to the group's net asset value per share as of end-2024, and a nearly 11.3% discount to the last closing price.
Upon completion, Guangdong-Hong Kong will issue 310 million new shares to Champion Road, giving it a 27.6% stake in the enlarged share capital, while the controlling shareholder China GBA Holdings' interest will be diluted to 36.9%.
Shares of the property developer soared nearly 30% in recent trade.
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