Guofu Innovation (00290) completed the acquisition of 26.15% of Huake Intelligent Investment (01140) shares

Zhitong Finance App News, Guofu Innovation (00290) issued an announcement. All preconditions have been met, and the acquisition was completed on October 18, 2024 in accordance with the terms of the sales agreement.

After completion, the Company beneficially owned 3,064 billion target shares through the buyer (a wholly-owned subsidiary of the Company), accounting for approximately 29.13% of the target company's shares as of the date of this announcement. Furthermore, after completion, the target company Huake Intelligent Investment Co., Ltd. (01140) became an associated company of the Group; the financial performance of the target group was recorded in the Group's comprehensive financial statements using equity accounting as an investment in the joint company; and the Company became the main shareholder of the target company.

The price has been paid for allotting and issuing consideration shares (i.e. 340 million shares) at the issue price (i.e. approximately HK$0.89 per share) in accordance with the special authorization sought by the Company at the Extraordinary General Meeting of Shareholders. The total share capital value of the consideration shares is HK$340.53 million.