Ascendent Capital Partners II, L.P. managed by Ascendent Capital Partners, along with Xuan Rui Guo made an offer to acquire remaining 25.46% stake in China Automation Group Ltd. (SEHK:569) for approximately HKD 390 million on June 14, 2019. Ascendent and Xuan Rui Guo will pay HKD 1.50 in cash for each share of China Automation. Xuan Rui Guo already holds 516.7 million shares, representing 50.35% stake in China Automation. Xuan Rui Guo already held 1 million shares of China Automation Group directly and 515.7 million shares held indirectly. Ascendent Capital Partners II, L.P. indirectly held 248.23 million shares in China Automation Group Limited. The offer will be financed by a loan facility of HKD 391.99 million from Ascendent Automation (Cayman) Limited. The transaction is subject to approval from the shareholders of China Automation Group Limited, approval from Grand Court of the Cayman Islands. The Scheme was sanctioned without modification by the Grand Court on October 22, 2019. Longstop date for the transaction is October 31, 2019. Elstone Securities Limited acted as financial advisor for China Automation Group Limited. Somerley Capital Limited acted as financial advisor for Ascendent Capital Partners II, L.P. and Xuan Rui Guo. Marcia Ellis and Vivian Yiu of Morrison & Foerster acted as legal advisors for Ascendent Capital Partners. Ascendent Capital Partners II, L.P. managed by Ascendent Capital Partners, along with Xuan Rui Guo completed the acquisition of remaining 25.46% stake in China Automation Group Ltd. (SEHK:569) on October 24, 2019. As all of the Conditions of the Scheme as set out in the Scheme Document were fulfilled, the Scheme became effective on October 24, 2019.