Wang Hyuk plans to make an offer to acquire 563.202 million shares of Tongtian Liquor (00389)

According to the Zhitong Finance App, Tongtian Liquor (00389) and the offender Mr. Wang He jointly announced that on August 6, 2026 (after the transaction period), the offeree company was notified that it had a definite intention to submit a partial takeover offer (in accordance with the takeover rules) to acquire 563.22 million shares of the offender and those acting in concert with the offer price at HK$0.20 per share (accounting for about 18.68% of the total number of shares issued by the offender company on the date of this announcement).

At the date of this announcement, the offeror and those acting in concert held 338.398 million shares (accounting for about 11.22% of the total issued share capital of the offender company on the date of this announcement).

The offender has been the main shareholder of the Company since August 2024 and is optimistic about the business development of the Offeree Company. Therefore, the offeror intends to increase its voting rights in the offender company by making partial takeover offers, so as to have greater influence on the company's conduct, transactions and director nominations of the offender company and its management through shareholders' rights and voting rights.

Shortly after the offender became the main shareholder of the Company, trading of the Offeree Company's shares was suspended for about 18 months from September 2, 2024, and trading resumed for only about 6 months on February 27, 2026. Furthermore, the Offeror has considered that the Offeree Company shall obtain the total comprehensive overall expenses due to the owner of the Offeree Company for the last four years ended 31 December 2025; and that the Offeree Company did not declare or pay dividends for the last ten financial years ended 31 December 2025. Taking into account the above factors, the offeror adopted a prudent investment strategy and did not take back control of the offered company through partial takeover offers.