I'm LongbridgeAI, I can summarize articles.XXF Group Holdings Ltd. (HK:2473) announced a share-financed acquisition to enter the PRC auto service market. The company agreed to acquire 100% of a target controlling NTS and its stake in Xinqite for HK$149,986,000, settled via new shares representing ~20.47% of existing capital. This strategic move aims to deepen XXF's presence in China's automotive aftermarket. Completion is conditional and requires shareholder approval under specific mandates.
XXF Group Holdings Ltd. ( (HK:2473) ) has issued an announcement.
XXF Group Holdings Ltd. has agreed to acquire 100% of the issued share capital of a target company that ultimately controls NTS and its majority interest in Xinqite, a PRC-based automotive service chain, for HK$149,986,000 to be settled entirely in new consideration shares. The deal will make Xinqite an indirect non-wholly-owned subsidiary of XXF, marking a strategic move to deepen the group’s presence in China’s automotive aftermarket services sector.
The consideration shares will represent about 20.47% of XXF’s existing issued share capital and roughly 16.99% of the enlarged capital post-issuance, and will be issued under a specific mandate requiring shareholder approval at an extraordinary general meeting. While the acquisition itself is classified only as a discloseable transaction under Hong Kong listing rules and does not need shareholder approval, completion remains conditional, and investors are urged to exercise caution as the transaction may or may not proceed.
More about XXF Group Holdings Ltd.
XXF Group Holdings Ltd., incorporated in the Cayman Islands and listed in Hong Kong, is expanding into China’s automotive services market through the acquisition of entities that control Xinqite. Xinqite operates a PRC-based automotive service chain offering repair and maintenance, auto detailing and car washing, tyre sales and replacement, bodywork and painting, and related services, positioning XXF to tap growing demand for professional car care.
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