TIAN CHANG GP (02182.HK): Construction Agreement for New Advanced Materials and Magnesium Thixomolding Plant for RMB 149.3 Million
NewTimeSpace News: On 12 August 2026 (after trading hours), Tin Chang Group Holdings Limited (stock code: 02182) announced that Tianhao (the Company's indirect wholly-owned subsidiary) and Guangdong Zhongfu (as the general contractor) entered into a construction agreement for the construction of a new production plant for advanced materials and semi-solid magnesium alloy injection molding (Magnesium Thixomolding) on the Land, including plant buildings, staff dormitories, warehouses and ancillary facilities, at a total consideration of RMB 149.3 million (approximately HKD 173.5 million).
According to the announcement, the plant to be constructed has a total gross floor area of 74,679.26 square metres, comprising Plant 1 and Plant 2; the staff dormitories have a total gross floor area of 12,848.13 square metres, comprising Staff Dormitory 1 and Staff Dormitory 2; and the warehouses have a total gross floor area of 556.32 square metres, comprising Warehouse 1 and Warehouse 2. The construction period is 240 days, commencing from the date of the construction agreement to the date of completion acceptance by Tianhao following the filing of the completion report, with the commencement date within seven days from the date of the construction agreement. The consideration was reached through a tender process, in which two bids were received: Guangdong Zhongfu's bid was RMB 149.3 million, while the other bidder's bid was RMB 166.2 million. Taking into account the tender price and payment terms as well as Guangdong Zhongfu's background, capabilities, qualifications and experience, Guangdong Zhongfu's bid was considered the most suitable.
In terms of the implications under the Listing Rules, as one or more of the applicable percentage ratios exceed 25% but are all below 100%, the transactions contemplated under the construction agreement constitute a major transaction of the Company and are subject to the reporting, announcement, circular and shareholders' approval requirements. The Company has obtained written approval for the construction agreement under Rule 14.44 of the Listing Rules from a group of closely allied shareholders comprising Hoi Chui Group Limited, New Force Venture Investment Limited, Gold Top Venture Investment Limited and Treasure Line Holdings Limited, which beneficially own an aggregate of 373,395,000 shares, representing approximately 60.23% of the total issued share capital, and no extraordinary general meeting is required. The circular containing further details of the construction agreement is expected to be despatched to shareholders on or before 25 August 2026. The Group is developing the new Magnesium Thixomolding technology to further expand its capabilities in advanced materials and lightweight manufacturing, and the construction of the new manufacturing facilities is expected to commence in the second half of 2026.
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