PLUS GP HOLDING (02486.HK): Acquires Remaining 40% of Two Subsidiaries for RMB40.88m

NewTimeSpace News: On 8 October 2026, Plus Group Holdings Inc. (stock code: 02486) announced that its wholly-owned subsidiary Plus Shanghai entered into two equity transfer agreements with Ms. Wu Yunqiu, under which Plus Shanghai conditionally agreed to acquire 40.0% equity interests in Shanghai Subide and Shanghai Suditong for cash considerations of RMB21,640,000 and RMB19,240,000 respectively.

As at the announcement date, Plus Shanghai held 60.0% of each of Shanghai Subide and Shanghai Suditong; upon completion, each will be wholly owned by Plus Shanghai and become a wholly-owned subsidiary of the Company, with their financial results continuing to be consolidated into the Group's consolidated financial statements. The considerations will be funded by the Group's internal resources in two instalments: the first within three days after signing each agreement and the second within three days after completion of the industrial and commercial registration change.

On valuation, the independent valuer adopted the guideline public company method under the market approach with a price-to-sales multiple (median of 0.41 times for comparable companies), and after applying a 21.60% control premium and a 15.66% discount for lack of marketability, the market values of 100% equity in Shanghai Subide and Shanghai Suditong as at the valuation date of 31 August 2026 were RMB54,100,000 and RMB48,100,000 respectively. Shanghai Subide recorded 2025 revenue of approximately RMB107,570 thousand with a loss after tax of approximately RMB450 thousand, while Shanghai Suditong recorded revenue of approximately RMB180,795 thousand with a loss after tax of approximately RMB1,501 thousand.

Under the Listing Rules, as Ms. Wu Yunqiu holds 40.0% of each company and is a connected person at the subsidiary level, the transactions constitute connected transactions; as the highest applicable percentage ratios (calculated individually or on an aggregated basis) exceed 5% but are below 25%, they constitute discloseable transactions subject to the reporting and announcement requirements but exempt from shareholders' approval, and are exempt from the circular (including independent financial advice) requirement under Rule 14A.101.

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