Zhitong Finance App News, Honghao International Holdings (08375) issued an announcement regarding matters relating to Henan Lixuan Internet Technology's intention to purchase 65.22% of the company's shares. The parties to the memorandum will make reasonable efforts to negotiate and conclude a formal sales agreement 90 days after the date of the memorandum (that is, March 20, 2024, or a later date relating to a possible written agreement between the potential seller and the potential buyer). Otherwise, the memorandum will expire, and each contracting party cannot file a claim against the other party.
The company was advised by the potential seller that, with the exception of the memorandum, the potential seller and the potential buyer did not enter into a formal agreement or any final or legally binding agreement on March 20, 2024. As a result, the Memorandum expired on March 20, 2024, and a non-refundable deposit of HK$3 million paid by the potential buyer to the prospective seller was forfeited in accordance with the Memorandum.
Upon termination of the Memorandum, the Memorandum (other than the terms relating to deposit, confidentiality, termination, notice, costs, legal effect, copies, and governing law and jurisdiction) will cease to have any effect, and the parties to the Memorandum will not have any claim against any other contracting party in this regard.
For the purposes of the Takeover Code, the offer period for possible transactions ends on the date of this announcement (i.e. March 20, 2024).