Yao Yongjie, the controlling shareholder of Xiong'an Technology (01647), plans to allocate additional shares in Great Scenery to his son Yao Zeqian at nominal cost

Zhitong Finance App News, Xiongan Technology (01647) announced that the Company was informed by Mr. Yao Yongjie (Mr. Yao), Chairman and Executive Director of the Company and beneficial owner of 50% of Great Scenery Ventures Limited (Great Scenery), that he intends to allocate additional shares in Great Scenery to his son Mr. Yao Zeqian (undertaker) at nominal cost (proposed allotment). After the proposed allotment is completed, the grantor's share in Great Scenery will be increased from 50% to 99.5%, while Mr. Yao will retain 0.5% of the interest.

As of the date of this announcement, Mr. Yao and the undertaker own 50% and 50% of the interests in Great Scenery respectively. Great Scenery holds 51% of the issued share capital of Morgan Hill Holdings Limited (Morgan Hill), while Morgan Hill holds 365 ,175,000 shares (shares) of the Company, accounting for approximately 30.56% of the total number of shares issued on the date of this announcement. The proposed allotment will not cause any change in Morgan Hill's shareholding structure, nor will it result in any change in the number of shares in the Company held by Morgan Hill.

Mr. Yao has written to the Executive Director (Executive Officer) of the Corporate Finance Department of the Securities and Futures Commission, and the executive has determined that the undertaker will not be required to make a full offer of shares as a result of the proposed allotment.