DIDA INC (02559.HK): Share Offer by eLong Closes with 88.74% Valid Acceptances; Public Float of 11.26% Constitutes Serious Insufficiency
NewTimeSpace News: On 21 August 2026, Dida Inc. (02559.HK) together with the offeror eLong, Inc. and the offeror's parent company Tongcheng Travel Holdings Limited (00780.HK) published a joint announcement that the voluntary conditional cash offer made by Nomura International (Hong Kong) Limited on behalf of the offeror for all the issued shares of Dida Inc. closed at 4:00 p.m. on 21 August 2026, and was not revised or extended.
As of 4:00 p.m. on the final closing date, the offeror had received valid acceptances in respect of an aggregate of 910,755,954 offer shares, representing approximately 88.74% of the company's total issued share capital as of the date of the joint announcement, including acceptances in respect of 551,148,534 shares subject to irrevocable undertakings. Taking into account the accepted shares, the offeror and parties acting in concert with it have interests in an aggregate of 910,755,954 shares, representing approximately 88.74% of the total issued share capital. Remittance of cash consideration will be despatched by ordinary post to accepting eligible shareholders on or before 1 September 2026.
In terms of the shareholding structure, immediately before the commencement of the offer period, the undertaking shareholders (six shareholders including 5brothers Limited) held an aggregate of 551,148,534 shares (53.70%), reducing to zero immediately after the close of the share offer; the offeror and parties acting in concert with it hold 910,755,954 shares (88.74%), with public shareholders holding 115,526,390 shares (11.26%). The public float of 11.26% is below the minimum public float of 25% required under Rule 13.32B(1) of the Listing Rules, constituting a serious insufficiency of public float as defined under Rule 13.32F. Under Rule 13.32G(3), if the company fails to re-comply with Rule 13.32B on or before 20 February 2028, the Stock Exchange will cancel the listing status of the shares. The offeror and the directors will take appropriate steps as soon as practicable after the close of the offer to restore the required minimum public float.
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