Lifestyle China's privatization bid fails after shareholder vote

Lifestyle China Group (HKEX:2136) has announced that its proposed privatization by Fortune Spirit Group has lapsed after failing to gain the required approval at a Court Meeting held on February 20, 2025. The scheme required approval from at least 75% in value of scheme shareholders but only received 60.15% support. Independent shareholders representing over 10% of scheme shares voted against the proposal. Consequentially, the proposed withdrawal of the company's listing on the Hong Kong Stock Exchange will not proceed. A related special resolution approved at the General Meeting on the same day will also not take effect. Fortune Spirit Group, along with concert parties, currently holds approximately 77.13% of the issued shares, which remained unchanged as of the announcement date.