Ace Kingdom, the controlling shareholder of Huaxing Holdings (08237), sells 2.0272 million shares of the company

According to Zhitong Finance App, Huaxing Holdings (08237) announced that the board of directors of the Company was notified by Ace Kingdom Enterprises Corporation (Ace Kingdom), the controlling shareholder of the Company, that Ace Kingdom signed a sales agreement with MBV (HK) Limited (MBV (HK)) on October 30, 2026.

According to this, Ace Kingdom agreed to sell, and MBV (HK) agreed to purchase 20027,200 issued shares of the Company (each share is a “share for sale”) (sale matter), which is equivalent to approximately 9.96% of the total number of issued shares (shares) of the Company at the date of this announcement, at a cost of HK$2002.72 million (i.e. HK$1.00 per share to be sold). The sale was completed on October 30, 2026.

MBV (HK) is a limited company incorporated in Hong Kong. It is wholly owned by MBV International Limited (MBV, together with its subsidiaries, the “MBV Group”). MBV's issued shares are listed on the Stock Exchange (stock code: 1957). According to the directors' knowledge, knowledge and conviction after making all reasonable enquiries, (i) MBV (HK) and its ultimate beneficial owners were not related persons of the Company prior to the sale and were all third parties independent of the Company and its related parties in accordance with the GEM listing rules; and (ii) MBV Group was mainly engaged in the provision of printable clothing and gift products in Malaysia and Singapore, while MBV (HK) was mainly engaged in investment holding. The board was also advised by Ace Kingdom that MBV (HK)'s acquisition of shares for sale was a strategic investment.

Following the sale, the number of shares held by Ace Kingdom was reduced from 86.0736 million shares (about 42.82% of the total number of issued shares) to 66.0464 million shares (about 32.85% of the total number of issued shares).

As of the date of this announcement, Ace Kingdom was owned by Boomerang Investment Limited, Mr. Guo Erche, Billion Supreme Holdings Limited and Mr. Yuan Liqian (non-executive director) respectively; (ii) Boomerang Investment Limited ultimately owned 50 per cent by Mr. Wong Chun-hung (non-executive director), Mr. Wang Haixiang, and Mr. Lui Tianshun (executive director) each %, 25% and 25%; (iii) Mr Hui Ngai and Mr Ng Tin Wai ultimately own 75% and 25% respectively; and (iv) Mr Yuan Liqian, Mr Wang Haixiang, Mr Lu Tianshun and Mr Zhao Gongzhi (non-executive directors) are directors of Ace Kingdom.