Xu Hongwei made an offer to acquire the remaining 39.31% stake in Ascent International Holdings Limited (SEHK:264) for approximately HKD 230 million on May 11, 2018. Under the offer, Xu Hongwei will pay HKD 1.4824 per share for approximately 152.8 million shares. Xu Hongwei intends to finance the entire consideration payable under the offer through the facility provided by Mason Securities. On May 10, 2018, Xu Hongwei entered into the facility agreement. Xu Hongwei does not intend to go for compulsory acquisition of any shares outstanding after the close of the offer and intends the issued shares to remain listed on the stock exchange upon the close of the offer. An Independent Board Committee comprising of all the independent non-executive Directors, namely Cheng Shing Hay, Shen Xiao, Wong Kon Man, Jason and Yau Pak Yue, has been established by the Board of Ascent International to advise the Independent Shareholders. The Board currently consists of Li Wei, Cheng Shing Hay, Shen Xiao, Wong Kon Man, Jason and Yau Pak Yue. It is currently expected that the offeror will not require any Directors to resign from the Board. The Offeror intends to nominate two new Directors into the Board, namely Mr. Xu Hongwei and Mr. Huang Shiqiao as new executive Directors (together, the “New Directors”). As of June 28, 2018, composite document has been issued by Ascent International Holdings Limited and Xu Hongwei. The Board of Directors and independent Board committee of Ascent International Holdings Limited along with independent financial advisor recommended the shareholders to accept the offer. The offer period will close on July 19, 2018. As of July 19, 2018, the offer has been extended till July 25, 2018. First Shanghai Securities acted as agent of the offer while First Shanghai Capital acted as financial advisor to Xu Hongwei. Grand Moore Capital Limited is appointed as independent financial advisor to independent Board committee of Ascent International Holdings Limited. Tricor Investor Services Limited acted as registrar to Ascent International Holdings Limited. Xu Hongwei completed the acquisition of additional 30.78% stake in Ascent International Holdings Limited (SEHK:264) for approximately HKD 180 million on July 25, 2018. Xu Hongwei acquired 117.81 million shares. Ascent International Holdings Limited still has 9.13% stake held by public.