CN ENGY STORAGE plans to acquire 100% equity of Circuit Development
CN ENGY STORAGE plans to acquire 100% equity of Circuit Development for HKD 20.8 million. The target company is located in Hong Kong and primarily holds a property, which is currently leased to its wholly-owned subsidiary Telefield Limited. The board believes that this acquisition will ensure the right to use the property, save on rent and relocation costs, and achieve capital appreciation during future market recovery
According to the announcement from China Energy Storage Technology Development (01143), on September 17, 2025, the buyer (the company's wholly-owned subsidiary Telefield Holdings Limited) intends to purchase all issued share capital of the target company (Circuit Development Limited) from the seller (Longfeng International Limited), with a consideration of HKD 20.8 million (subject to adjustment).
The target company is a limited company registered in Hong Kong, primarily holding the property. The property is located at Room D, 2nd Floor, Power Industrial Centre, 2-12 Back Bay Street, Sha Tin, New Territories, Hong Kong, with a total floor area of approximately 7,352 square feet. It is currently leased to the company's wholly-owned subsidiary Telefield Limited under a lease agreement, with a lease term from January 1, 2025, to December 31, 2025 (inclusive), for a duration of one year, with a monthly rent of HKD 56,000 (excluding rates, government land rent, and management fees).
The group currently uses this property as one of its offices in Hong Kong. Given the recent rise in rental prices, the directors believe that the acquisition will allow the group to secure the usage rights of the property, thereby saving on office rent and relocation costs, and enhancing operational efficiency in the long term. Additionally, the board believes that after recent adjustments in property prices, the acquisition presents a good opportunity for the group to acquire quality assets at an attractive price, consolidating its asset base from a long-term perspective and potentially achieving capital appreciation during future market recoveries
