gravitycrash| Honghai High-tech Resources plans to acquire the entire equity interest of Laos Taishan Jiujiu Investment for 40 million yuan

Honghai Hi-Tech Resources (00065) announced that on April 22, 2024, Hongwang Global (an indirect wholly-owned subsidiary of the Company, as the buyer) entered into a sale and purchase agreement with the seller. Hongwang Global conditionally agreed to acquire and the seller conditionally agreed to sell the unsold shares (equivalent to the entire equity interest of the target company Taishan long invested) at a consideration of RMB 40 million (equivalent to approximately HK $43.26 million).

In January 2024, the company has paid a memorandum of understanding of RMB 30 million (equivalent to approximately HK $32.45 million) to the target company in accordance with the MOU.

On April 22, 2024, Hongwang Global and Hongwang Group Co., Ltd. signed a subscription agreement with the target company, and Hongwang Global agreed to subscribe for the subscription shares issued by the target company.GravitycrashAnd the MOU bona paid to the target company will offset the subscription payment under the subscription agreement. The subscription agreement will not be confirmed until the acquisition is completed, and the funds injected into the target company will be used to develop the copper mine.

Upon completion of the acquisition, the target company will become an indirect wholly-owned subsidiary of the company and the financial performance of the target group will be incorporated into the group's accounts. In addition, the target company will continue to be an indirect wholly-owned subsidiary of the company after the completion of the subscription.