Chen Zhi made a mandatory offer to acquire 47.36% stake in Geotech Holdings Ltd. (SEHK:1707) for approximately HKD 250 million on November 29, 2018. Chen Zhi offered HKD 0.378 per share for 663 million shares. In a related transaction, Chen Zhi signed an agreement to acquire 52.64% stake in Geotech Holdings Ltd. (SEHK:1707) for approximately HKD 280 million on November 22, 2018. Payment in cash in respect of acceptances of the offer will be made as soon as possible within seven business days of the date of receipt of a duly completed acceptance. The offer will be financed from internal resources. Chen Zhi intends to continue the existing principal business of Geotech Holdings immediately following completion. Chen Zhi intends to continue the employment of the existing management and employees of the Geotech Holdings and will nominate new directors to the Board with effect from the earliest time permitted under the Takeovers Code. Chen Zhi intends to maintain the listing of the shares on the Stock Exchange following the close of the offer. An Independent Board Committee has been established to advise and give a recommendation to the offer shareholders in respect of the offer. As of December 20, 2018, Independent Board Committee recommended shareholders to accept the offer. The offer will open for acceptance on December 20, 2018 and close on January 10, 2019. China Investment Securities International Capital Limited and RaffAello Capital Limited acted as the joint financial advisors to Chen Zhi. Grande Capital Limted acted as financial advisor to Geotech Holdings and Shinco Capital Limited acted as financial advisor to the Independent Board Committee. Raffaello Securities (HK) Limited made the offer on behalf of Chen Zhi. Chen Zhi completed the acquisition of additional 13.1% stake in Geotech Holdings Ltd. (SEHK:1707) for HKD 69.3 million on January 10, 2019. A total of 183.48 million shares were acquired under the offer. After the completion of the offer, Chen Zhi holds 65.75% stake in Geotech Holdings.