DOWWAY (08403) Receives Takeover Offer from Sun Wei at 65.75% Discount, Trading Resumes on Nov 27

Stock News2025-11-26

DOWWAY (08403) and the offeror Sun Wei jointly announced that on November 20, 2025, the offeror (as buyer) entered into an A&B sale agreement with A&B (as seller) for the purchase of A&B sale shares. Additionally, CN BASE (as buyer) signed agreements with Li Huaguo (as seller) and Yongjiayuan (as seller) for their respective share sales.

Under the A&B agreement, the offeror acquired approximately 18.60% of the company's issued share capital for HK$14.3225 million, or HK$0.50 per share. The transaction was completed on November 20, 2025.

CN BASE purchased approximately 9.09% of the issued share capital from Li Huaguo for HK$7 million (HK$0.50 per share) and 7.78% from Yongjiayuan for HK$5.9938 million (HK$0.50 per share). Both transactions were completed upon signing.

CN BASE is 40% owned by the offeror and 60% by Ms. Xiao Fenfen, making it a concert party of the offeror. Post-completion, the offeror and its concert parties collectively hold 54.6325 million shares (35.48% of issued capital), comprising the offeror’s 28.645 million shares and CN BASE’s 25.9875 million shares.

As a result, the offeror is required under Rule 26.1 of the Takeovers Code to make a mandatory conditional cash offer for all issued shares (excluding those already held or agreed to be acquired) at HK$0.50 per share—a 65.75% discount to the last closing price of HK$1.460.

The company has applied to the stock exchange for trading resumption at 9:00 AM on November 27, 2025.

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