On August 14, Glorious Holdings Group (01346.HK) announced that the board of directors of the company received separate notifications from LSH (the controlling shareholder of the company) and the company's CEO, TAN William, that they have purchased 7 million and 2.2 million shares of the company's stock respectively on August 14, 2024, at a cost of HKD 5.46 million and HKD 1.716 million respectively.
After the acquisition, LSH holds 0.343 billion shares of the company's stock, accounting for approximately 53.64% of the total issued shares of the company. Since LSH is wholly owned by Imaginative Company Limited, which is wholly owned by the CEO and Chairman of the Board of Directors, SITU Zhiren, Imaginative Company Limited and SITU Zhiren are deemed to be the controlling shareholders and therefore have equity interests in the 0.343 billion shares of the company's stock. In addition, as SITU Zhiren has beneficial ownership of 3.75 million shares of the company's stock, SITU Zhiren is deemed to have a total of 0.347 billion shares of the company's stock, accounting for 54.23% of the total issued shares of the company after the completion of the aforementioned stock purchase.
After the acquisition, TAN William holds 4.544 million shares of the company's stock, accounting for approximately 0.71% of the total issued shares of the company.
The acquisition fully demonstrates the confidence of the controlling shareholder in the future prospects of the company and their willingness to support the sustainable development of the company.