OCT (ASIA) (03366.HK): Proposes disposal of 100% equity interest in OCT (Huizhou) via public listing for RMB 306,732,900; EGM to be held on 21 August
NewTimeSpace News: OCT (Asia) Holdings Limited (stock code: 03366) published a circular in relation to the very substantial disposal of the 100% equity interest in OCT (Huizhou) Industrial Park Management Co., Ltd. through a public listing. Xingyong Investment Limited, an indirect wholly-owned subsidiary of the Company, as vendor, entered into a property rights transaction contract with the purchaser, Shenghong Technology (Huizhou) Co., Ltd., on 20 July 2026, with the final consideration of RMB 306,732,900, being the same as the listing reserve price submitted by the Group.
The announcement showed that the vendor launched the formal public listing procedures in June 2026, with the public notice period ending on 13 July 2026 and the purchaser being identified as the winning bidder. The target company, OCT (Huizhou) Industrial Park Management Co., Ltd., was established on 13 March 2007 with a registered capital of HKD 168 million, mainly engaged in factory leasing and property management, with its property located at Xinqiao Village, Danshui Street, Huiyang District, Huizhou City, covering an area of approximately 195,391 square metres and operating as the OCT Innovation and Entrepreneurship Industrial Park. The independent property valuer assessed the market value of the property at approximately RMB 280 million as of 30 June 2026, representing an appreciation of approximately RMB 153.63 million over its book value of approximately RMB 126.37 million as of 31 March 2026; the unaudited net asset value of the target company as of 31 March 2026 was approximately RMB 150.78 million, with the final consideration exceeding such net asset value by approximately RMB 155.95 million.
The final consideration will be settled in cash in RMB, with the purchaser having paid a deposit of RMB 30 million, and 95% of the consideration to be remitted to the vendor upon satisfaction of specified conditions and the remaining 5% in accordance with the agreed arrangements. The proposed disposal is subject to the satisfaction of conditions including completion of the public listing, regulatory approvals and shareholders' approval; as of the latest practicable date, the public listing had been completed and regulatory approvals obtained. The Company will hold an extraordinary general meeting on 21 August 2026 to consider the proposed disposal and expects to complete the registration of the disposal by or around the end of 2026. The Board considers the final consideration, being determined through the public listing process, to be fair and reasonable.
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