Zhitong Finance App News, Maoye International (00848) and the offender W.F Group Limited jointly announced that on September 16, 2026, the offeror requested the board of directors to submit the proposal to the plan shareholders to privatize the company through the plan, and if approved and implemented, it would cause the company to be privatized by the offeror in accordance with section 86 of the Company Law and to withdraw the listed status of the shares on the Stock Exchange. The cancellation price of HK$0.208 per planned share is approximately 110.10% premium over the closing price of HK$0.099 per share on September 16, 2026.
The offender was a company incorporated in the British Virgin Islands as a British Virgin Islands commercial company, mainly engaged in investment holdings. On the date of the announcement, Mr. Wong Wai Ching was the sole director and sole shareholder of the offender, as well as a non-executive director and son of Mr Wong Maoru. On the date of the announcement, the offeror had not engaged in any business activity other than matters relating to the proposal and the plan.
On the date of the announcement, the intention of the offeror was that the Group would continue to operate its existing business and maintain the company's controlling interest in Maoye Commercial, while Maoye Commercial would continue to operate its department store business in China. The offeror does not intend to make any material changes to the Group's existing business after the plan comes into effect, or to make any significant changes to the continued employment of Group employees as a result of implementation of the proposal, except for any changes the Group may make from time to time in the course of its daily business. As confirmed by the company, implementation of the recommendation will not have any financial or operational impact on Maoye Business. The Group will continue to work together with its customers and business partners in existing and future cooperation to address business challenges.
Furthermore, the company has applied to the Stock Exchange to resume trading of shares starting at 9:00 a.m. on September 30, 2026.