Kinetic Development gains unanimous minority approval for Taiyuan Seedland and Dongzhimen property acquisitions

Bulletin Express05-20 19:23

On 20 May 2026, Kinetic Development Group Limited held an extraordinary general meeting (EGM) in Hong Kong, where independent shareholders voted overwhelmingly in favor of two key ordinary resolutions tied to the group’s latest expansion moves.

Resolution 1 covered the Sixth Supplemental Agreement, Share Transfer Agreement, Payment Agreement and a proposed New Settlement Agreement related to the 100% acquisition of Taiyuan Seedland. Resolution 2 dealt with the Debt Settlement Contract and the 2026 Debt Settlement Contract underpinning the purchase of the Dongzhimen Properties.

Voting snapshot: • Total issued shares: 8.43 billion • Shares with material interests that abstained: 6.26 billion (74.29%) held by Chairman Zhang Li–related parties • Independent shares eligible to vote: 2.17 billion (25.71%)

All 761.01 million votes cast—representing 100% of votes by attending independent shareholders—supported each resolution, with none opposed. Consequently, both acquisitions were approved as ordinary resolutions.

Attendance and governance: Three directors—Ms. Zhang Lin, Ms. Liu Peilian, and Ms. Xue Hui—attended in person, while four directors, including Chairman Mr. Ju Wenzhong, participated via teleconference. Computershare Hong Kong Investor Services Limited acted as scrutineer, confirming the poll results.

The approvals clear Kinetic Development to proceed with the full acquisition of Taiyuan Seedland and the Dongzhimen property assets, advancing the group’s strategic portfolio expansion.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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