Changhong Jiahua Holdings Limited: Investor Update on Proposed Privatisation and Delisting
Key Points of the Announcement
- The Offeror, Hongtu Investment Co., Limited, proposes to privatise Changhong Jiahua Holdings Limited (the Company) via a scheme of arrangement under Section 99 of the Bermuda Companies Act.
- The scheme, if successful, will lead to the withdrawal of the Company’s shares from listing on the Hong Kong Stock Exchange.
- The process is subject to several non-waivable Pre-Conditions, involving approvals from multiple PRC government authorities.
- Progress has been slower than expected due to prolonged communications and enquiries with relevant authorities.
- The scheme may or may not be implemented; shareholders are warned to exercise caution when dealing in shares.
Detailed Progress and Status
The privatisation proposal was first announced on 22 September 2025. Since then, the Offeror has made steady progress towards fulfilling the necessary Pre-Conditions:
-
Mianyang City SASAC Approval:
Approval from Mianyang City SASAC (Pre-Condition (a)) has been obtained, marking a significant milestone in the process. -
Sichuan Provincial Development and Reform Commission / Department of Commerce:
Filings have been made to both authorities (Pre-Conditions (b) and (c)), but both are still reviewing the applications. The Offeror is actively preparing responses to their latest queries. -
State Administration of Foreign Exchange (SAFE):
The application to SAFE (Pre-Condition (d)) has not yet been submitted. Approval from the above two authorities is a prerequisite for this step. -
Delays:
The process has taken longer than expected, primarily due to extended communication and enquiry phases with government entities.
Important Information for Shareholders
- Price Sensitive: The proposed privatisation and delisting are highly price-sensitive events. If the scheme succeeds, shares will be delisted, resulting in a liquidity event for shareholders.
- Risk of Non-Completion: The scheme is contingent on all Pre-Conditions and Conditions being satisfied or waived. There is a real possibility that the proposal may not be implemented.
- Exercise Caution: Shareholders and potential investors are explicitly warned to exercise caution when trading the shares, due to the uncertainty regarding the outcome of the privatisation scheme.
- Further Updates: Additional announcements will be made when significant milestones are reached, such as the satisfaction of Pre-Conditions or the dispatch of the scheme document.
- Board Responsibility: The directors of the Offeror, Changhong Group, and Changhong Jiahua Holdings accept full responsibility for the accuracy of the information, having made reasonable enquiries.
Potential Share Price Impact
The privatisation proposal, if implemented, is likely to be a major price-moving event for Changhong Jiahua Holdings Limited. Delisting will affect the liquidity and tradability of shares. Investors should closely monitor developments, as the fulfilment or failure of Pre-Conditions will significantly impact share value.
Next Steps and Timeline
- The Offeror is working to address enquiries from Sichuan Provincial Development and Reform Commission and Sichuan Provincial Department of Commerce.
- Once these approvals are secured, the application to SAFE will proceed.
- Further announcements and the scheme document will follow as Pre-Conditions are met.
Disclaimer
This article is provided for informational purposes only and does not constitute investment advice. The information is based on official company announcements and may be subject to change. Investors should consult their own financial advisors before making any investment decisions. Changhong Jiahua Holdings Limited’s privatisation scheme remains subject to regulatory approvals and may not be completed.
長虹佳華控股有限公司：私有化及退市提案投資者詳細更新（廣東話版本）
公告重點
- 要約人宏圖投資有限公司提出以計劃安排方式（根據百慕達公司法第99條）私有化長虹佳華控股有限公司。
- 若計劃成功，股份將從香港聯合交易所退市。
- 過程需獲多個中國政府部門批準，屬不可豁免先決條件。
- 因與相關部門溝通及查詢時間延長，進度較預期慢。
- 計劃可能不會落實，股東應謹慎買賣股份。
詳細進展及狀態
-
綿陽市國資委批準：
已取得綿陽市國資委批準（先決條件(a)），屬重要里程碑。 -
四川省發改委及商務廳：
已向上述兩部門提交申請（先決條件(b)(c)），現正審查中。要約人正準備回應最新查詢。 -
外匯管理局：
尚未提交申請（先決條件(d)），需待前兩項批準完成。 -
延遲：
主要因與政府部門溝通及查詢過程持續，導致進度較慢。
股東需注意事項
- 價格敏感：私有化及退市屬極具價格敏感事件，若成功，股份將失去流動性。
- 未必落實：方案需所有先決條件和條件達成或豁免，存在不落實風險。
- 謹慎買賣：公司明確提請股東及投資者買賣股份時需謹慎。
- 後續公告：達成重要里程碑如先決條件或發佈計劃文件時將另行公告。
- 董事責任：要約人、長虹集團及長虹佳華董事已合理查詢，確認信息準確。
潛在股價影響
若私有化方案落實，將成為長虹佳華股份重大價格變動事件。退市會影響股份流動性及可交易性，投資者應密切留意進展，先決條件達成與否將大幅影響股價。
後續步驟及時間表
- 要約人正回應四川省發改委及商務廳查詢。
- 待批準後，將進行外匯管理局申請。
- 達成先決條件後會發佈更多公告及計劃文件。
免責聲明
本文僅供參考，不構成投資建議。資料來源公司公告，或會有變動。投資者應自行諮詢財務顧問，長虹佳華控股有限公司私有化方案仍需多項監管批準，未必能完成。
