Reviewing the progress of the project, on the evening of February 28, China Youzan issued an announcement, sending three messages to the market: 1) distribute the shares held by Youzan to all Chinese shareholders; 2) the shares will be listed on the main board of the Stock Exchange according to Youzan's listing; and 3) after the distribution is completed, China Youzan will be privatized.
Since then, the company will update the progress announcement on privatization and subsidiary listing projects every month. On March 19, China issued a notice to extend the sending of plan documents, which was extended to June 15. On April 16, the company announced that it had reached the plan prerequisites for the irrevocable commitment of share holders; on May 6, the company issued an announcement, which was approved at the first special general meeting, reaching a number of plan prerequisites.
According to the company's announcement on June 4, the SEHK has not yet approved Youzan's application for listing. At this point, the only prerequisite for sending the plan document is the approval of Zan Technology for listing in principle by the HKEx (that is, through a hearing).
The company announced on June 15 that since the listing of Youzan Technology has not yet been approved by the Hong Kong Stock Exchange in principle, the final completion date of the prerequisites has been extended from June 30 to October 12, and the final completion date of the plan has been extended from September 30 to November 26. The deadline for sending plan documents has been postponed to October 19.
According to the announcement information, the date may also be extended to such date as may be determined by the offeror at his discretion and approved by the enforcement officer. With reference to the projects listed in the past half a year, the average hearing time takes an average of 192 days. It has been 106 days since Youzan Technology submitted its prospectus. This time, the likes of the project is unprecedentedly complex, involving privatization, spin-off, turnaround listing and other links and are interlinked, is moving forward according to the process.