Ever Realm Capital offers to acquire China Next-Gen Commerce

Ever Realm Capital Limited, through Huatai Financial Holdings (Hong Kong) Limited, has launched a mandatory unconditional cash offer to acquire all issued shares of China Next-Gen Commerce and Supply Chain Limited not already owned. This follows Ever Realm Capital's acquisition of 360,000,000 shares, representing 75% of China Next-Gen Commerce’s issued share capital, for HK$222,800,000, or approximately HK$0.6189 per share. The offer price for the remaining shares is also HK$0.6189 per share.

The offer period began on September 4, 2025, and will close at 4:00 p.m. on September 25, 2025. The independent board committee, advised by Capital 9 Limited, deemed the offer unfair and unreasonable, recommending shareholders not to accept it. This recommendation is based on the offer price representing a significant discount to recent trading prices, despite a premium over the company's net asset value.

Ever Realm Capital intends to maintain China Next-Gen Commerce's listing on the Stock Exchange, continuing its existing principal business. However, the company's outlook under the new board is considered uncertain as the new executive directors lack direct experience in the construction services business, which is the group's primary activity.