CHANGHONG JH's privatization process is still in the approval stage

CHANGHONG JH (03991.HK) announced that the offeror, Hongtu Investment, jointly published an announcement regarding the privatization proposal. The announcement shows that among the multiple preconditions required for this privatization, only "approval from the State-owned Assets Supervision and Administration Commission of Mianyang City" has been achieved as of December last year. However, other more critical regulatory approvals, including necessary approvals, registrations, or filings from the Sichuan Provincial Development and Reform Commission, the Sichuan Provincial Department of Commerce, and the State Administration of Foreign Exchange or its local authorities, have not been achieved as of the date of this announcement.

This privatization proposal was first announced on September 22 of last year, and the offeror plans to privatize CHANGHONG JH through a "scheme arrangement" under Bermuda company law and to withdraw its listing status