AVIC International Holding Corporation made an offer to acquire an additional 28.6% stake in AVIC International Holdings Limited (SEHK:161) from CK Hutchison Holdings Limited (SEHK:1) and others for HKD 3 billion on October 2, 2019. AVIC International Holding Corporation agreed to acquire an additional 28.6% stake in AVIC International Holdings Limited from CK Hutchison Holdings Limited and others on January 8, 2020. As per the transaction, AVIC International Holding Corporation made an offer to acquire 333.19 million H shares, representing 100% H shares, at HKD 9 per share. In a related transaction, AVIC International Holdings Corporation agreed to acquire AVIC International Holdings Limited, whereby AVIC International Holdings Limited will be merged and absorbed by AVIC International Holdings Corporation. The transaction will be financed through the loan facility of HKD 3.1 billion obtained Industrial and Commercial Bank of China (Asia) Limited and onshore funds from its internal resources.

The transaction is subject to certain conditions including delisting approval from the independent H shareholders of AVIC International Holdings Limited in meeting due on February 14, 2020, minimum acceptance of 90% of the H shares, filing procedures with the People's Republic of China Government has been obtained, no relevant government, governmental, quasi-governmental, statutory or regulatory body, court or agency having granted any order or made any decision that would make the H Share Offer void and obtaining approval of merger agreement at the extraordinary general meeting. On November 25, 2019, two wholly-owned subsidiaries of CK Hutchison Holdings Limited, holding 30 million H shares, expressed that it is their then current intention to cast at the H Share Class Meeting and the Extraordinary General Meeting all votes attaching to all H shares then held by them in AVIC International Holdings in favor of relevant resolutions for the approval of the delisting, the merger agreement and the merger contemplated thereunder and to accept the H Share Offer in respect of all H Shares held by them at the relevant time. AVIC International Holdings Limited has established independent Board committee comprising of Wong Wai Ling, We Wei and Wei Wei each independent Non-Executive Director to advise independent H shareholders. An independent financial adviser will be appointed, subject to the approval of the Independent Board Committee, to advise the Independent Board Committee in respect of the H share offer. The offer period will be 21 days from the date of dispatching composite document. As of February 14, 2020, the shareholder of AVIC International Holding dually approved the transaction at general meeting. The offer is conditional upon fulfilment of all the conditions except minimum tender. As of January 8, 2020, it was decided that the transaction would be expected to close on March 6, 2020 unless the offer does not become unconditional, then the offeror will be entitled to withdraw its acceptance 21 days from the first closing date. As on March 6, 2020, this offer has become unconditional and AVIC International Holding Corporation has purchased and received valid acceptances for 303,211,491 shares representing 92.92% stake in AVIC International Holdings Limited and the updated date for acceptance will be April 3, 2020. As of March 10, 2020, the Stock Exchange has granted its approval for the withdrawal of the listing of the H Shares of the Company from the Main Board of the Stock Exchange will effect from April 17, 2020. AVIC has no right to compulsorily acquire non tendered shares. This China International Capital Corporation Hong Kong Securities Limited acted as financial advisor to AVIC International Holdings Limited. Christina Lee, Wang Hang, Betty Wong and Yolanda Zheng of Baker & Mckenzie acted as legal advisors to AVIC International Holding Corporation.

AVIC International Holding Corporation completed the acquisition of an additional 27.8% stake in AVIC International Holdings Limited (SEHK:161) from CK Hutchison Holdings Limited (SEHK:1) and others for HKD 2.9 billion on April 3, 2020. AVIC International Holding Corporation acquired 324.36 million H shares in AVIC International Holdings Limited. AVIC International Holding Corporation's stake in the company increased from 72.02% to 99.24%. Listing of the H Shares will be withdrawn from the Stock Exchange effective April 17, 2020.