OCT (ASIA) (03366.HK): Plans to Sell 100% of OCT (Changshu) Investment via Public Listing at No Less Than RMB 90.45mn

NewTimeSpace News: On 24 September 2026, Overseas Chinese Town (Asia) Holdings Limited (the "Company") announced that a wholly-owned indirect subsidiary of the Company (the seller) proposes to sell 100% equity interest in OCT (Changshu) Investment (the sale interest) through a public listing process on a designated exchange, and the Company intends to seek shareholders' advance mandate to enter into and complete the proposed disposal. Reference is made to the Company's announcement dated 7 September 2026. As the seller is a state-owned enterprise, the proposed disposal, being a disposal of state-owned assets or equity, is required to be conducted through a public listing process on a qualified equity trading institution in accordance with PRC laws and regulations governing the disposal of state-owned assets.

The announcement disclosed that the listing base price will be determined by the Group and will not be less than RMB 90.45 million (the minimum price). In determining the minimum price, the Group considered: the net assets of the target company of approximately RMB 73.85 million as of 30 June 2026; the preliminary valuation of the properties of approximately RMB 67.70 million as of 31 July 2026 under the income approach, an appreciation of approximately RMB 12.76 million over the carrying value of approximately RMB 54.94 million. The successful bidder must undertake that it and its ultimate beneficial owners are not connected persons of the Company; interested bidders must pay a deposit of RMB 27 million into a designated account within the prescribed period; the public notice period is 20 business days, and online bidding will be conducted if there is more than one interested bidder after the notice period.

The Company stated that the highest applicable percentage ratio computed on the minimum price exceeds 25% but all percentage ratios are below 75%, and the proposed disposal therefore constitutes a major transaction subject to the reporting, announcement and shareholders' approval requirements under Chapter 14 of the Listing Rules. The Company has obtained written shareholders' approval from Pacific Climax, its controlling shareholder, under Rule 14.44, and no general meeting is required. The circular is expected to be despatched on or before 16 October 2026; the pre-disclosure period is expected to end on 10 October 2026, and completion of the public listing, entering into of the transaction agreement and completion of the proposed disposal are expected around the fourth quarter of 2026.

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