Changes in Hong Kong stocks | Coastal Homes (01124) resumed trading and once soared 100% and received a discount of nearly 30% from Deep Water Strategy for full purchase

The Zhitong Finance App learned that trading of Coastal Home (01124) has been suspended since August 24, and has risen since the resumption of trading today. The intraday high was HK$0.22, double the closing price before the suspension; as of press release, it rose 70% to HK$0.187, with a turnover of HK$3.491 million.

According to the news, Coastal Homes and Deep Water Strategy Limited (DESL), which is wholly-owned by Cao Mengjie, jointly announced that DESL purchased approximately 36.93% of the shares for HK$11.88 million as the offender and the lender, making mandatory conditional cash offers on a case-by-case basis. The offer price of HK$0.0776 per share is HK$0.0776, a discount of about 29.5% compared to the closing price of HK$0.11. The company stated that the offeror confirmed that it would not raise the offer price, and that it fully accepted the offer to pay up to HK$2.09 million in cash.

According to the announcement, the offender Cao Mengjie has over 18 years of rich experience in engineering, architecture and architectural design. Furthermore, since 2022, it has started its business and has become the CEO of Hangzhou Ruchu Xinegg Technology Industry Co., Ltd., Hangzhou Ruchu Enterprise Management Co., Ltd., and Hangzhou Ruchu Bocheng Technology Co., Ltd.