Gelonghui May 9 | Xinjufeng (301296.SZ) announced a major asset purchase plan. In this transaction, Jingfeng Holdings, a wholly-owned overseas subsidiary of the listed company, plans to further acquire the issued shares of Fenmei Packaging through voluntary comprehensive offers and/or other forms that meet regulatory requirements. On May 9, 2024, Jingfeng Holdings issued a 3.5 notice to all shareholders of the target company in accordance with the requirements of section 3.5 of the “Takeover Code”; after the prerequisites specified in the 3.5 announcement are met, Jingfeng Holdings will issue an offer document on this voluntary comprehensive offer to all shareholders of the target company. As the offender of this transaction, Jingfeng Holdings will issue a voluntary comprehensive offer to purchase all of Fenmei Packaging's issued shares in cash from all shareholders of Fenmei Packaging, a company listed on the main board of the Hong Kong Stock Exchange (with the exception of Jingfeng Holdings and its co-actors).
Currently, the main products of listed companies are roll-shaped sterile packaging, and have established a diversified product system of “pillow bags”, “brick bags”, “diamond bags”, and “metal packages”, of which “pillow bags” are the company's main products. In addition to “pillow bags,” the target company's packaging products have more specifications and types of “brick bags,” “diamond bags,” and “metal bags” than those of listed companies. At the same time, listed companies are currently not involved in packaging and filling solution businesses such as filling machines, accessories, and technical services carried out by the target company. The target company also has a certain presence in foreign markets. This acquisition will help listed companies expand overseas markets and expand the influence of Chinese aseptic packaging brands in the international market.
Prior to this transaction, the listed company became the largest shareholder of the target company. By further obtaining a controlling interest in the target company, the listed company will increase its control over the target company, strengthen business collaboration with the target company, and achieve full integration of the superior resources, technology, and business of the two companies. The two sides are expected to carry out more in-depth cooperation and exchanges in product design, R&D, sales markets, etc., which will have a positive effect on listed companies to further improve product types and market layout, expand their business scale, and enhance their core competitiveness.