Gao Yunhong made an offer to acquire the remaining 30% stake in FDB Holdings Limited (SEHK:1826) from Ng Kin Siu and other shareholders for approximately HKD 200 million on November 21, 2017. As per the transaction, Gao Yunhong made an offer to acquire 369.6 million shares at HKD 0.544 per share. The transaction will be funded through internal resources and external financing from GF Securities (Hong Kong) Brokerage Limited. All executive Directors except Ng Kin Siu will resign from the Board and Gao Yunhong intends to nominate new Directors to the Board of FDB Holdings Limited with effect from the date of composite document issuance. Post completion, Gao Yunhong intends to maintain the listing status of FDB Holdings Limited. The transaction is unconditional in all respects and is not conditional upon minimum acceptance. The Board of Directors of FDB Holdings Limited recommended the transaction to the shareholders as the terms of the transaction are fair and reasonable. An independent Board committee of independent Non-Executive Directors comprising of Chan Chun Hong, Chan Kai Nang, Lau Yiu Kit and Wu Chun Wah has been established by FDB Holdings Limited to recommend the independent shareholders. The offer will close on January 5, 2018. GF Capital (Hong Kong) Limited acted as financial advisor to Gao Yunhong. VBG Capital Limited acted as financial advisor to the Independent Board committee of FDB Holdings Limited and Tricor Investor Services Limited acted as registrar to FDB Holdings Limited. Gao Yunhong completed the acquisition of an additional 3.52% stake in FDB Holdings Limited (SEHK:1826) for HKD 23.6 million on January 5, 2018. Gao Yunhong received valid acceptances for 43.38 million shares. FDB Holdings will change its name to Dafy Holdings Limited subject to certain conditions. Gao Yunhong, Zhu Wenhui and Qi Gang have been appointed as Executive Director and Chung Yuk Ming Christopher and Ip Kong Ling have resigned as Executive Directors. Chung Yuk Ming Christopher and Ip Kong Ling will continue to serve as senior management of the subsidiaries of FDB Holdings. Ng Kin Siu resigned as the Chairman of the Board and Gao Yunhong has been appointed as the Chairman of the Board.