CHU Lam Yiu, Chairwoman and Chief Executive Officer of Huabao International Holdings Limited, made a bid to acquire remaining 58.8% stake in Huabao International Holdings Limited (SEHK:336) for HKD 6 billion on November 23, 2016. Under the terms of transaction CHU Lam Yiu will pay HKD 3.3 per share for 1.8 billion Huabao International Holdings Limited shares and will pay HKD 0.55 for each 1.3 million options and HKD 0.0001 for 6.5 million options. The transaction will be funded by debt financing provided by Minsheng Bank to Mogul Enterprises, Jumbo Elite, Real Elite, Power Nation and CHU Lam Yiu and internal cash resources of the CHU Lam Yiu. The transaction is subject to at least 50% shares being owned by CHU Lam Yiu. An Independent Board Committee, which comprises of LEE Luk Shiu, MA Yun Yan and WU Chi Keung has been established by the Board of Directors of to make a recommendation to the independent shareholders and the option holders as to whether the offers are, or are not, fair and reasonable and as to acceptance. Subject to CHU Lam Yiu acquiring less than 90% of the disinterested Shares within the period of four months, CHU Lam Yiu intend Huabao International Holdings Limited to remain listed on the stock exchange after closing of the offers. The offer will open on December 22, 2016 and will close on January 12, 2017. As on January 12, 2017 Offer has become unconditional in all respects, the Option Offer has become unconditional in all respects. The closing date for the offers has been extended to January 26, 2017. BNP Paribas Securities (Asia) Limited acted as financial advisor for CHU Lam Yiu in the transaction. VMS Securities Limited acted as the financial advisor for Huabao International Holdings Limited. CHU Lam Yiu, Chairwoman and Chief Executive Officer of Huabao International Holdings Limited completed the acquisition of 32.5% in Huabao International Holdings Limited (SEHK:336) for HKD 3.3 billion on January 26, 2017.