Shandong Fengxiang privatisation faces delay in composite document despatch

Shandong Fengxiang Co., Ltd. (HKEX:9977) announced a delay in the despatch of the composite document related to its proposed pre-conditional privatisation by Jingyu Enterprise Development (Shandong) Co., Ltd. through a merger by absorption. The delay is attributed to the need for additional time to finalise the Composite Document, fulfill pre-conditions, and for the Offeror to decide on exercising its discretion regarding a Potential Share Alternative Offer. An application has been made to the Executive for consent to extend the despatch deadline to no later than 11 July 2025. The original deadline, according to Rule 8.2 of the Takeovers Code, was 2 May 2025. The privatisation is subject to various pre-conditions, including regulatory approvals from PRC authorities. Shareholders are advised to exercise caution when dealing in the company's securities, as the merger's effectiveness is not guaranteed.