ASIA GROCERY (08413) and the offeror, Hong Kong Lianfeng Produce Limited, jointly announced that TF Securities and Shenwan Hongyuan (acting on behalf of the offeror) will make a conditional voluntary partial cash offer to eligible shareholders. The offer aims to acquire a minimum of 590 million shares (approximately 50.77% of the company's issued share capital as of the announcement date) and a maximum of 755.3 million shares (65.00% of the issued share capital), at an offer price of HK$0.258 per share. The offer price will not be increased, and the offeror reserves no right to do so. Shareholders and potential investors should note that the offeror cannot raise the offer price after this announcement.
The offer price of HK$0.258 per share represents a premium of approximately 124% over the closing price of HK$0.115 per share on the Hong Kong Stock Exchange on November 11, 2025. The offeror, a leading agricultural and agro-product producer based in Hubei Province, China, views ASIA GROCERY as a unique and highly attractive platform. The acquisition is expected to vertically integrate with the offeror’s downstream distributors, complementing its core business and its parent company’s operations in China.
The offeror believes the partial offer will consolidate the core competencies of both parties and unlock significant strategic value. Aligned with China’s "Going Global" strategy and the new "Dual Circulation" development model, the transaction is anticipated to create strong industrial synergies and growth opportunities for both ASIA GROCERY and the offeror. It will also facilitate the expansion of the offeror’s business and enhance the market competitiveness of Hubei’s agricultural by-products in Hong Kong’s end market.
Overall, the offeror considers this transaction mutually beneficial, supporting the growth strategies of both parties and ultimately delivering substantial value to Hong Kong consumers. The offeror is a limited company incorporated in Hong Kong and, as of the announcement date, is a wholly-owned subsidiary of Hubei Cereals, Oils & Foodstuffs Import & Export Group Co., Ltd., which in turn is fully owned by Hubei Agricultural Development Group—a 100% state-owned enterprise directly managed by Hubei SASAC. The offeror primarily engages in investment holding.
ASIA GROCERY has applied to the Hong Kong Stock Exchange for the resumption of trading of its shares, effective from 9:00 a.m. on December 11, 2025.