A consortium comprising Centurium Capital, Temasek, True Light, and ANE Inc., China’s leading less-than-truckload express freight operator, has announced the proposal to delist the company from the Hong Kong Stock Exchange by way of a scheme of arrangement.
The consortium received irrevocable undertakings from the company’s CEO, Qin Xinghua, and COO, Jin Yun, in support of the proposal.
The offeror concert parties hold in aggregate 35.74% of the company’s total issued shares (excluding treasury shares).
The proposal sets out a cash alternative of HK$12.18 per share, valuing the company at approximately $1.84 billion (or HK$14.3 billion) on an equity value basis, a level the company has not reached since mid-November 2021.
The cash alternative represents an attractive premium of 48.54% over the closing price of HK$8.20 per Share on September 3, 2025, which was the undisturbed date, the last trading day before irregular trading volumes and price movements in the shares.
The cancellation consideration will not be increased, and the offeror does not reserve the right to do so.
The proposal offers shareholders an attractive opportunity to monetise their investment in the company at a compelling premium, amid limited liquidity in the shares and ongoing market risks and uncertainties.
Since its IPO in 2021, the company has faced macroeconomic and industry challenges, including the global pandemic, economic headwinds, and increased market competition.
Despite successfully adapting its operating strategies to achieve industry-leading profitability, the share price has remained under pressure due to an unfavourable external environment and low trading liquidity, making it difficult for shareholders to divest a substantial amount of shares without a significant discount through on-market transactions.
The proposal presents shareholders with a unique opportunity to realise their investments at an appealing premium and with certainty, and redirect the proceeds toward other investment options.
It is unlikely that shareholders will receive an alternative offer to realise value in their investments in the company.
