Changes in Hong Kong stocks | Weigong Holdings (01793) resumed trading and once rose more than 33%, Chairman Zeng Jiaye is likely to sell 75% of the shares

The Zhitong Finance App learned that Weigong Holdings (01793) resumed trading this morning. At one point, the stock price rose by more than 33%. As of press release, it had risen 28.05% to HK$1.05, with a turnover of HK$5.494,400.

According to the news, Weigong Holdings announced that Chairman, CEO, Executive Director and controlling shareholder Zeng Jiaye informed that Triple Arch Limited, which he wholly owns, signed a non-legally binding memorandum of understanding with Talent Pool Group Limited on August 19 regarding the possible sale of 600 million shares, or 75% of the shares. If the potential transaction is implemented, it will result in a change in the Group's control and will trigger a mandatory comprehensive offer in accordance with Rule 26.1 of the Takeovers Code.

As a potential buyer, TPGL is a limited company incorporated in the British Virgin Islands, which is mainly engaged in investment holding business. The announcement stated that a potential transaction could not be realized until the contracting parties had negotiated and signed a legally binding sales agreement within two months from the date of the memorandum of understanding. During the exclusivity period, potential buyers have the right to conduct due diligence on the Group. According to the MOU, the potential buyer is required to pay a refundable deposit of HK$5 million within two business days from the date of the MOU.