DeHeng Hong Kong participating in a project in relation to Rise Triumph Limited’s voluntary conditional General Offer to acquire the shares of Tonking New Energy

2024-04-28

DeHeng Hong Kong is participating in a project in relation to the voluntary conditional cash offer by Astrum Capital Management Limited (“Astrum Capital”) for and on behalf of Rise Triumph Limited (the “Offeror”), a company owned by the substantial shareholder and certain executive directors of Tonking New Energy, to acquire all the issued shares of Tonking New Energy Group Holdings Limited (stock code: 8326) (the “Tonking New Energy”) (other than those shares already owned by the Offeror and certain parties acting in concert with it) (the “General Offer”). 

The Offeror is making a voluntary conditional General Offer for all the issued shares of Tonking New Energy (other than those shares already owned by the Offeror and certain parties acting in concert with it) in compliance with the Hong Kong Code on Takeovers and Mergers at the offer price of HK$0.1 per offer share of Tonking New Energy. The composite document for the General Offer has been despatched on 26 April 2024. 

Tonking New Energy is an exempted company incorporated in the Cayman Islands with limited liability listed on GEM of the Stock Exchange. The Company is principally engaged in renewable energy business including (i) the provision of one-stop value added solution for photovoltaic power stations (EPC, maintenance and support, and testing); (ii) the sales of the patented photovoltaic tracking mounting bracket systems; and (iii) the sales of electricity.

The deal was led by lead partners Ernest Chung and Boaz Cheung of DeHeng Hong Kong, and supported by associate Chloe Yuen and trainee solicitor Syndi Ling. DeHeng Hong Kong worked closely with the Offeror, the Company and other professional parties to provide professional, comprehensive and efficient legal services for this project.