Changhong Jiahua Holdings: Detailed Monthly Update on Privatisation Proposal and Regulatory Progress
Key Highlights for Investors
- Privatisation Proposal: Changhong Jiahua Holdings Limited (the “Company”) is the subject of a pre-conditional privatisation proposal by Hongtu Investment Co., Limited (the “Offeror”) via a scheme of arrangement under Section 99 of the Companies Act 1981 of Bermuda.
- Potential Delisting: If successful, the proposal will result in the withdrawal of the Company’s listing on the Hong Kong Stock Exchange.
- Regulatory Approvals Pending: Several regulatory pre-conditions must be satisfied before the proposal can be implemented. The approval process is taking longer than initially expected due to ongoing communications with Chinese authorities.
- Status of Approvals:
- Approval from Mianyang City SASAC has been obtained.
- Applications to Sichuan Provincial Development and Reform Commission (DRC) and Sichuan Provincial Department of Commerce are under review; responses to regulatory enquiries are being prepared by the Offeror.
- Application to the State Administration of Foreign Exchange (SAFE) will only be made after the prior two approvals are received.
Detailed Update on the Proposal
The Company and Offeror have jointly issued several announcements updating shareholders on the status of the privatisation proposal. This monthly update elaborates on recent developments and ongoing regulatory procedures:
- Since the initial announcement on 22 September 2025, multiple updates have been released, including those on 13 October, 13 November, 12 December 2025, and monthly updates through April 2026. These communications have detailed the step-by-step progress and delays encountered in the regulatory approval process.
- As of 22 May 2026, the Offeror has secured approval from Mianyang City SASAC. However, the Sichuan Provincial DRC and the Sichuan Provincial Department of Commerce are still reviewing the necessary filings. The Offeror is actively preparing responses to their most recent enquiries.
- Submission to SAFE (or local authorities), which is another critical requirement, is contingent on the prior two pre-conditions being met. This step has not yet been initiated.
- The Company has noted that the process is taking longer than initially anticipated, mainly due to extended communication and regulatory review periods with the relevant authorities.
Price Sensitive Information and Shareholder Considerations
- Uncertainty Remains: The privatisation proposal and scheme of arrangement are subject to satisfaction of all pre-conditions and further conditions. There is no guarantee that the transaction will be completed or that the scheme will become effective.
- Potential Impact on Share Price: The success or failure of this privatisation and delisting process is likely to be price sensitive. If the deal falls through, the share price could be negatively impacted. Conversely, progress or completion of key regulatory steps could drive positive sentiment.
- Exercise Caution: Shareholders and potential investors are strongly advised to exercise caution when dealing in the shares of Changhong Jiahua Holdings, as the situation remains fluid and subject to regulatory outcomes.
- Further Updates: The Company and Offeror will make further announcements as and when appropriate, particularly upon satisfaction of the pre-conditions and when the Scheme Document is ready for dispatch.
Corporate Responsibility Statements
- The sole director of the Offeror and the directors of Changhong Group and Changhong Jiahua Holdings jointly and severally accept full responsibility for the accuracy of the information contained in the joint announcement.
- They confirm, after making all reasonable enquiries, that the information is accurate and complete to the best of their knowledge and that there are no omissions that would make the statements misleading.
Directors’ List
- Offeror: Mr. Shen Yunan (Sole Director)
- Changhong Jiahua Holdings Executive Directors: Mr. Zhu Jianqiu (Chairman), Mr. Zhao Qilin, Ms. Mao Haiyun, Mr. Ma Ban, Ms. Su Huiqing, Mr. Zhou Jiachao
- Independent Non-Executive Directors: Mr. Jonathan Chan Ming Sun, Dr. Gao Xudong, Dr. Meng Qingbin
- Changhong Group Directors: Mr. Liu Jiang, Mr. Yang Jun, Mr. Heng Guoyu, Mr. Yang Xiubiao, Dr. Guo Bing, Mr. Feng Jian, Mr. Dan Ding, Dr. Yan Pengyu, Dr. Chen Lei
Next Steps
Investors should closely monitor upcoming announcements for any material changes in the status of the privatisation process, as these will directly affect the Company’s listing status and potentially the share price.
Disclaimer: This article is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of Changhong Jiahua Holdings Limited or any other entity. The privatization proposal is subject to regulatory and shareholder approvals and may or may not proceed. Investors are urged to consult their licensed securities dealer or other professional advisers if in doubt.
長虹佳華控股有限公司：有關私有化建議及監管審批進度的詳細每月更新（粵語版）
投資者重點摘要
- 私有化建議： 長虹佳華控股有限公司（「公司」）正被弘圖投資有限公司（「要約人」）以百慕達《公司法》第99條下的計劃安排形式提出先決條件的私有化建議。
- 潛在除牌： 建議如獲通過，公司將從香港聯交所退市。
- 監管審批進展： 多項監管先決條件必須完成，審批進程因與中國監管機構的溝通而較預期為長。
- 審批狀況：
- 已取得綿陽市國資委批文。
- 向四川省發改委及四川省商務廳的申請仍在審核中；要約人正準備回應最新查詢。
- 向國家外匯管理局（或地方分局）的申請需待前兩項批文完成後才可提交，目前尚未遞交。
建議詳情更新
公司及要約人已就私有化建議的進度聯合發出多次公告，最近一次月度更新詳述了最新進展及監管程序情況：
- 自2025年9月22日首次公告以來，已多次發出進度更新，包括2025年10月13日、11月13日、12月12日及至2026年4月的月度更新，逐步披露監管程序的進度及延誤情況。
- 截至2026年5月22日，要約人已取得綿陽市國資委批准，但四川省發改委及四川省商務廳的申請仍在審核中；要約人正就監管查詢作出回應。
- 向國家外匯管理局（SAFE）的申請需待以上兩項批文完成後才可提交，現時尚未展開。
- 公司指出，因與相關監管機構的溝通及審查過程較長，整體進度比原預期有所延誤。
股東須知及可能影響股價的事項
- 不確定性： 私有化建議及安排計劃須待所有先決條件及進一步條件獲得滿足，並不能保證交易必定完成或計劃生效。
- 可能影響股價： 私有化及除牌程序的成敗極具敏感性，若有進展或批文獲批，可能推動股價上升；若交易告吹，則有機會負面影響股價。
- 投資者應審慎行事： 鑒於情況尚未明朗，建議股東及潛在投資者於買賣股份時保持審慎。
- 後續公告： 公司及要約人將於適當時候（特別是先決條件獲滿足及計劃文件準備發出時）發佈進一步公告。
董事聲明
- 要約人唯一董事及長虹集團及長虹佳華控股董事會成員共同及個別確認，已盡合理查詢，公告內容屬實無誤，並無遺漏任何會導致內容失實或具誤導性的事項。
董事名單
- 要約人：沈玉南先生（唯一董事）
- 長虹佳華控股執行董事：朱建秋（主席）、趙啟霖、毛海雲、馬斑、蘇慧青、周佳超
- 獨立非執行董事：陳明新、郭旭東、孟慶斌
- 長虹集團董事：劉江、楊軍、衡國宇、楊秀標、郭兵、馮健、但丁、嚴鵬宇、陳磊
後續步驟
投資者應密切留意公司將來有關私有化進程的公告，任何重大變動均會直接影響公司上市地位及股價表現。
免責聲明： 本文僅供參考，並不構成購買、認購或買賣長虹佳華控股有限公司或其他任何實體證券的邀請或要約。私有化建議須獲監管及股東批准，可能不會進行。若有疑問，請諮詢持牌證券經紀或專業人士。
