CHAMPION TECH terminates the acquisition of a 51.15% stake in Wise Win

According to the announcement from CHAMPION TECH (00092), the company intends to acquire 51.15% equity of Wise Win. According to the sale agreement (as amended and supplemented by the supplementary agreement signed on December 31, 2023), the acquisition must be completed or waived (as applicable) by December 31, 2024 ("Extended Deadline") after the fulfillment of the conditions precedent set forth in the sale agreement, or on another date agreed in writing by the buyer, seller, and seller guarantor.

Due to the failure to meet several conditions precedent before the Extended Deadline (or obtain waivers), the buyer has decided, after careful consideration, not to proceed with the acquisition. Therefore, on January 2, 2025 (after trading hours), the buyer issued a termination notice to the seller and seller guarantor, thereby unilaterally terminating the sale agreement (as amended and supplemented by the supplementary agreement signed on December 31, 2023, "Termination"), effective from the date of the termination notice, thus releasing and discharging the buyer from its obligations, duties, and liabilities under the sale agreement, but the termination does not affect the buyer's rights and obligations prior to the termination notice date.

The board of directors believes that the termination will not have any significant adverse impact on the group's existing business, operations, and financial condition