Summary by Moomoo AI
Yi Dazong Holdings Limited (“Yi Dazong”) announced on 19 January 2024 that its controlling shareholder Famous Speech Limited (“Famous Speech”) has completed a distribution in kind of 1,500,080,608 shares of Dazong Ordinary Shares, representing approximately 55.44% of the issued shares. The physical distribution will result in a change in the shareholding structure and Famous Speech will no longer hold any shares. Upon the distribution, Ace Beacon Holdings Limited (“Ace Beacon”) will directly hold approximately 40.65% shares, and Magnificent Gardenia Limited (“Magnificent Gardenia”) will hold approximately 14.78% shares. Ace Beacon is wholly owned by Ms. Wang Yihan, while Magnificent Gardenia is wholly owned by Nanyang Five Mines Industrial Co., Ltd., and the latter is ultimately owned by several Chinese companies. The Executive Director of the Corporate Finance Division of the Securities and Futures Commission has confirmed that the physical distribution does not trigger full covenant liability and has approved exemption from Ace Beacon's full covenant submission.