Kunpeng Asia Limited made an offer to acquire 9.27% stake in Zhejiang New Century Hotel Management Co., Ltd. (SEHK:1158) from New Century Tourism Group Co., Ltd., Hangzhou Qianhe Qiju Investment Management Partnership Enterprise (Limited Partnership) and Ningbo Meishan Bonded Area Kairui Shiqi Investment Management Partnership (Limited Partnership) for approximately CNY 390 million on January 18, 2021. As per terms of transaction, Kunpeng Asia Limited will acquire 25.9 million shares of Zhejiang New Century Hotel Management Co., Ltd. at CNY 15.18 for each share. New Century Tourism will accept the domestic share offer in respect of 9.1 million domestic shares held by it representing 3.24% stake, Qianhe Qiju will accept the Domestic Share Offer in respect of all the 9.6 million domestic shares held by it representing 3.45% stake and Kairui Shiqi will accept the domestic share offer in respect of all the 7.2 million domestic shares held by it representing 2.58% stake. In a related transaction, Kunpeng Asia Limited made an offer to acquire 19.7% stake in Zhejiang New Century Hotel Management Co., Ltd. from GreenTree Hospitality Group Ltd. (NYSE:GHG) and others for approximately HKD 1 billion on January 18, 2021. The Kunpeng Asia Limited intends to finance the cash requirement for the domestic share offer by cash investment by the equity investors group. Out of Sequoia China’s Committed Investment total amount CNY 282.6 million (HKD 337.9 million) will be used to finance the domestic share offer and out of Ocean Link’s Committed Investment total amount CNY 132.2 million (HKD 158.1 million) will be used to finance the domestic shares offer. Domestic share offer is only conditional upon the H Share Offer becoming or being declared unconditional, if the H Share Offer is declared unconditional, the domestic share offer will likewise become unconditional in all respects. As of March 18, 2021, Zhejiang New Century Hotel Management Co., Ltd. issued circular to its shareholders. An independent Board Committee comprising all non-executive Directors has been established by Zhejiang New Century Hotel Management Co., Ltd. to recommend independent shareholders. The Board of Directors of Zhejiang New Century Hotel Management Co., Ltd, recommended its shareholders to accept the offer. On 13 April, 2021, Kunpeng Asia and Zhejiang New Century announce that the special resolution to approve the Delisting by the Independent H Shareholders was passed as well as the special resolution to approve the Delisting and the ordinary resolution to approve the Shareholders Arrangement by the Independent H Shareholders were passed by way of poll at the EGM held on April 13, 2021.The transaction is expected to close on May 31, 2021. As of March 18, 2021, offer will close on April 19, 2021. UBS Group AG acted as financial advisor and Kirkland & Ellis acted as legal advisor to Kunpeng Asia Limited. Derek Poon of Baker McKenzie acted as legal advisor to UBS Group AG. Somerley Capital Limited acted as independent financial advisor to independent board committee of Zhejiang New Century Hotel Management Co., Ltd.