LOTUS HORIZON (06063.HK): Mandatory Cash Offer Closes with 0.0032% Acceptances; Public Float Falls to 24.9968%

NewTimeSpace News: On 20 October 2026, Lotus Horizon Holdings Limited (the "Company") and Victor Xu Limited (the "Offeror") jointly announced that the mandatory unconditional cash offer made by Hongbo Capital Limited on behalf of the Offeror to acquire all the issued shares of the Company (other than those already owned or agreed to be acquired by the Offeror, its ultimate beneficial owner or any of their respective concert parties) closed at 4:00 p.m. on 20 October 2026 (Tuesday), and the Offeror has neither revised nor extended the offer. The announcement referred to the composite offer and response document jointly issued by the Offeror and the Company on 29 September 2026, together with the accompanying acceptance form.

The announcement disclosed that, as at the close of the offer, the Offeror had received three valid acceptances in respect of a total of 64,000 offer shares under the offer, representing approximately 0.0032% of the total issued share capital of the Company as at the date of the joint announcement; based on the offer price of HK$0.068 per offer share, the total cash consideration payable to the independent shareholders who accepted the offer is HK$4,352. Immediately after the close of the offer, and taking into account the accepted shares and pending the formal registration of the transfer of the offer shares validly accepted by the share registrar, the Offeror, its ultimate beneficial owner and any of their respective concert parties are interested in a total of 1,495,064,000 shares, representing approximately 74.7532% of the total issued share capital (as compared with 1,495,000,000 shares, or 74.75%, before the commencement of the offer period). Remittances will be despatched by ordinary post as soon as possible and in any event by 29 October 2026; no fractional amounts of less than one Hong Kong cent will be paid, and cash consideration payable will be rounded up to the nearest cent.

The Company stated that, immediately after the close of the offer and as at the date of the joint announcement, and pending formal registration of transfer by the share registrar, a total of 499,936,000 shares, representing approximately 24.9968% of the total issued share capital, are held by the public, and the Company is unable to comply with the 25% minimum public float requirement under Rule 13.32B(1) of the Listing Rules; however, there is no material public float deficiency as defined under Rule 13.32F. The Company has applied to the Stock Exchange for a temporary waiver from strict compliance with Rule 13.32B. As disclosed in the composite document, the directors of the Offeror and the new directors to be appointed to the board will jointly and severally undertake to the Stock Exchange that, if the Company fails to comply with Rule 13.32B at the close of the offer, they will take appropriate steps to ensure that the Company complies with Rule 13.32B as soon as possible. The Offeror and the directors will take appropriate steps, including but not limited to placing or selling a sufficient number of the accepted shares to selected independent third parties or in the market, to ensure that an adequate public float in the shares is restored as soon as possible after the close of the offer. In addition, the vendor, Platinum Lotus Holdings Limited, holds 5,000,000 shares (representing 0.25%), the entire issued share capital of which is legally, beneficially and wholly owned by Mr. Zhu Guohuan, an executive director and the chairman of the board.