TONTINE WINES (00389.HK): Wang He's Partial Cash Offer Lapses After Conditions Unmet on 2 October

NewTimeSpace News: On 2 October 2026, an announcement was made in respect of the conditional voluntary cash partial offer for shares of China Tontine Wines Group Limited (stock code: 00389), made by Grand Profit Securities Limited on behalf of the offeror Mr. Wang He to acquire 56,320,200 shares of the Company (other than those already owned by Mr. Wang He and his concert parties). As at 4:00 p.m. on 2 October 2026 (the first closing date), the offeror had received valid acceptances in respect of 812,945 offer shares in aggregate, representing approximately 0.27% of the total issued share capital as at the date of the announcement.

Immediately before the commencement of the offer period, the offeror and his concert parties had interests in 33,839,800 shares, representing approximately 11.22% of the total issued share capital as at the date of the announcement; save for those shares, the offeror and his concert parties held, controlled or directed no shares or rights over shares immediately before the offer period. As the condition to the partial offer (receipt of valid acceptances in respect of at least 56,320,200 offer shares, representing approximately 18.68% of the total issued share capital) was not fulfilled, the partial offer has not become unconditional and lapsed on Friday, 2 October 2026.

Under Rules 31.1 and 31.2 of the Takeovers Code, the offeror and his concert parties may not, without the executive's consent and within 12 months from the date of the announcement, announce an offer or possible offer for the Company or acquire voting rights of the Company (where this would trigger an obligation to make an offer under Rule 26). Share certificates and/or transfer receipts and/or other documents of title will be returned by ordinary post to accepting persons by no later than 13 October 2026, at their own risk. Reference is made to the offeror's announcements of 13 August, 2 September and 3 September 2026, the Company's announcements of 21 August, 4 September, 15 September and 17 September 2026, the offer document dated 3 September 2026 and the response document dated 17 September 2026.

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