CN ENGY STORAGE (01143) announced that on September 17, 2025, the purchaser (Telefield Holdings Limited, a wholly-owned subsidiary of the company) intends to acquire from the vendor (Long Feng International Limited) all issued share capital of the target company (Circuit Development Limited), together with the rights and interests of sales debts, for a consideration of HK$20.8 million (subject to adjustment).

The target company is a limited company incorporated in Hong Kong and primarily holds the property. The property is located at Unit D, 2/F, Wai Lick Industrial Centre, 2-12 Au Pui Wan Street, Sha Tin, New Territories, Hong Kong, with a total gross floor area of approximately 7,352 square feet.

The property is currently leased to Telefield Limited, a wholly-owned subsidiary of the company, under a lease agreement for a term of one year from January 1, 2025 to December 31, 2025 (both days inclusive), at a monthly rental of HK$56,000 (excluding rates, government rent and management fees). The group currently uses the property as one of its offices in Hong Kong.

Given the rising rental costs in recent years, the directors believe that the acquisition will enable the group to secure the usage rights of the property, thereby saving office rental and relocation costs, and enhancing operational efficiency in the long term. Furthermore, the board believes that following the adjustment in property prices in recent years, the acquisition provides the group with an opportunity to acquire quality assets at an attractive price, consolidate its asset base from a long-term perspective, and potentially achieve capital appreciation when the market recovers in the future.