Financial Street Property Co., Limited entered into an agreement to acquire 70% stake in Top Property Services Company Limited from Cheng Pui Yi for HKD 154 million.

Financial Street Property Co., Limited (SEHK:1502) entered into an agreement to acquire 70% stake in Top Property Services Company Limited from Cheng Pui Yi for HKD 154 million on March 21, 2023. The Consideration will be financed by the net proceeds from the listing of the H Shares on the Stock Exchange on 6 July 2020. The purchase and sale of the Sale Shares shall be subject to the approval of the purchase and sale of the Sale Shares by the competent state-owned assets supervision authority.

Top Property Services Company Limited recorded profit after tax of HKD 15.53 million and net assets of HKD 75 million for the year ended December 31, 2022. As of May 4, 2023, Stock Exchange has granted a waiver from strict compliance with Rules 14.60A and 14.62 of the Listing Rules subject to the following conditions, Financial Street Property will announce and submit the required information under Rules 14.60A and 14.62 of the Listing Rules on or before May 31, 2023. As of July 25, 2023, transaction have completed all the conditions.