Golden Fair Chemical (Holding) Limited and Brilliance International Holding Limited entered into a scheme of arrangement to acquire an additional 5.1% minority stake in Xiezhong International Holdings Limited (SEHK:3663) for HKD 32.6 million on February 26, 2021. Under the terms of consideration, Offerors will acquire 40.8 million shares at price of HKD 0.8 per share. Pre transaction, Brilliance International Holding Limited holds 5.1% stake in Xiezhong International Holdings Limited and Golden Fair Chemical (Holding) Limited does not have any stake. The transaction is subject to Xiezhong International Holdings Limited shareholders approval, court approval, the receipt of an opinion from the Independent Financial Adviser to the Independent Board Committee, all necessary authorizations, registrations, filings, rulings, consents, opinions, permissions and approvals in connection with the Proposal and the Scheme having been obtained. Altus Capital Limited have opined that the offer is fair and reasonable. As of June 30, 2021, the Scheme was sanctioned without modification by the Grand Court. As of July 1, 2021, assuming all of the conditions of the Scheme have been fulfilled, the Scheme is expected to become effective on July 5, 2021. The long stop date of the Scheme is December 31, 2021. If the Scheme becomes effective on July 5, 2021, Xiezhong International Holdings Limited expects to withdraw the listing of the Shares on the Stock Exchange with effect from July 7, 2021. China Galaxy International Financial Holdings Limited acted as financial advisor to Brilliance International Holding Limited and Golden Fair Chemical (Holding) Limited. Altus Capital Limited acted as financial advisor to independent Board Committee of Xiezhong International Holdings Limited. Golden Fair Chemical (Holding) Limited and Brilliance International Holding Limited completed the acquisition of an additional 5.1% minority stake in Xiezhong International Holdings Limited (SEHK:3663) on June 24, 2021.