MOON INC plans to make a tender offer to acquire DV8 shares, further expanding its existing business in Southeast Asian countries

According to the announcement from Hengyue Holdings (01723), on July 3, 2025, the buyer (a wholly-owned subsidiary of the company) will issue an announcement regarding its intention to acquire all offer securities through a tender offer with all other offerors. Assuming that all existing holders of the target securities accept the tender offer on the date of this announcement, according to the terms of the tender offer, the buyer must issue buyer offer shares, accounting for approximately 19.09% of the total issued and paid-up capital of DV8 as of the date of this announcement, and buyer offer warrants, accounting for approximately 19.09% of the total issued and unexercised target warrants as of the date of this announcement. Under the tender offer, the offer price for each share is THB 0.56 (approximately HKD 0.1357), and the offer price for each warrant is THB 0.01 (approximately HKD 0.0024). According to publicly available information, DV8 is a company registered under Thai law and listed on the Stock Exchange of Thailand. It primarily engages in retail media and advertising business, providing services to brands seeking point-of-sale exposure through its in-store audio network and event capabilities. In light of the group's existing business in Hong Kong, the group intends to further expand its existing business in Southeast Asian countries, with Thailand serving as a strategic entry point into the Southeast Asian market, possessing high potential, especially as Thailand is one of the most popular tourist destinations in the world. By establishing a business presence in Thailand, the group can position itself at the core of a vibrant market that not only can generate immediate sales but also serves as a strategic gateway to the broader ASEAN region. This initial foothold will help the group understand consumer behavior, regulatory frameworks, and distribution models in the region, thereby laying the foundation for sustainable expansion into neighboring countries such as Vietnam, Malaysia, Indonesia, and the Philippines in the future. DV8 operates one of the largest in-store audio advertising platforms in Thailand, effectively promoting telecommunications products in a cost-effective and targeted manner. DV8's extensive in-store audio network and retail presence in Thailand cover convenience stores, supermarkets, and electronics stores, including 2,202 Lotus’s, 207 Big C, and 1,500 7-11 stores, providing immediate and extensive distribution channels for the group's prepaid card products and any digital products it may explore in the future. Furthermore, DV8's retail layout in convenience stores, supermarkets, and electronics stores can further assist the group in physically distributing prepaid card products and value-added services. Therefore, acquiring DV8's distribution channels will significantly increase the group's opportunities to enter the Thai market and reduce related costs