FIBOCOM (00638.HK): Discloses progress of major asset restructuring; to buy 37.16% of Hangsheng
- The Company will pay cash to 38 shareholders of Hangsheng Electronics, including Shenzhen Huajian Jiachuang Enterprise Management Consultancy Partnership (Limited Partnership), to acquire an aggregate of 119,015,321 shares, representing 37.16% of Hangsheng Electronics' total shares, and will obtain 51.40% of the voting rights through acting-in-concert agreements.
- The transaction constitutes a major asset restructuring under the Administrative Measures for Major Asset Restructuring of Listed Companies, does not involve the issue of shares or the raising of supporting funds, and will result in Hangsheng Electronics becoming a controlled subsidiary.
- The Company received the Decision of No Further Review of the Concentration of Undertakings from the State Administration for Market Regulation on 18 August 2026 and has completed supplementary audit work and updated financial data; the transaction remains subject to approval by the Company's shareholders' meeting and other approvals or filings.
NewTimeSpace News: On 21 September 2026, Fibocom Wireless Inc. (stock code: 638) published an overseas regulatory announcement on 20 September, disclosing progress of a major asset restructuring. The Company intends to acquire 37.16% of the shares of Shenzhen Hangsheng Electronics Co., Ltd. by way of cash payment, and to obtain control of the target company through acting-in-concert agreements granting it an aggregate of 51.40% of the voting rights.
The transaction involves cash payments to 38 shareholders of Hangsheng Electronics, including Shenzhen Huajian Jiachuang Enterprise Management Consultancy Partnership (Limited Partnership), for an aggregate of 119,015,321 shares held by them. Upon completion, Hangsheng Electronics will become a controlled subsidiary of the Company. The transaction does not involve the issue of shares by the Company or the raising of supporting funds, and constitutes a major asset restructuring under the Administrative Measures for Major Asset Restructuring of Listed Companies.
As at the date of the announcement, the Company had conducted supplementary audit and updated the relevant financial data in accordance with the validity period requirements, and had received the Decision of No Further Review of the Concentration of Undertakings from the State Administration for Market Regulation on 18 August 2026. The transaction remains subject to approval by the Company's shareholders' meeting and other approvals or filings required under applicable laws and regulations, and the completion and timing of such decisions and approvals remain uncertain.
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