Zhang Jinbing made an offer to acquire remaining 25% stake in Chong Kin Group Holdings Limited (SEHK:1609) from public shareholders for approximately HKD 220 million on November 29, 2017. The offer is made to acquire remaining 191.2 million shares at HKD 1.15 per share in cash. In related deal, Zhang Jinbing already acquired 75% stake in Chong Kin Group Holdings Limited in an agreement on November 29, 2017. The consideration will be financed by Zhang Jinbing by its internal resources. Zhang Jinbing has no intention to privatize Chong Kin Group Holdings Limited. An independent committee of non-executive Directors has been established by Chong Kin Group Holdings Limited to advise on the deal. The Board is pleased to announce that Zhang Jinbing has been appointed as an executive Director, Poon Chiu Kwok has been appointed as the non-executive Director, and Zhu Zhengfu, Li Yifei, and Tse Chi Wai have been appointed as independent non-executive Directors with effect from January 5, 2018. The Board announces that Zhang Jinbing, an executive Director, has been appointed as the Co-Chairman of the Board along with Cheung Yuk Kei with effect from January 5, 2018. Optima Capital Limited acted as financial advisor for Zhang Jinbing. Optima Capital Limited is satisfied that there are sufficient financial resources available to satisfy the consideration. Another financial advisor will be appointed by Chong Kin Group Holdings Limited to advice on the offer. On December 6, 2017, Goldin Financial Holdings Limited has been appointed as financial advisor to advise the independent board committee of Chong Kin Group Holdings. TC Capital Asia Limited and Sorrento Capital Limited acted as financial advisor to Chong Kin Group Holdings Limited. Zhang Jinbing completed the acquisition of an additional 0.005% stake in Chong Kin Group Holdings Limited (SEHK:1609) from public shareholders for approximately HKD 0.05 million on January 12, 2018. Zhang Jinbing acquired 0.04 million shares and increased holding to 573.64 million shares. Cheung Yuk Kei has resigned as executive Director and the co-chairman; Cheung Man Tim has resigned as executive Director and the chief executive officer; Fung Chi Chung has resigned as executive Director; and Miu Hon Kit, Leung Chi Wai, and Seid Ka Him have resigned as independent non-executive Directors. Y.K. Cheung has ceased to act as the co-chairman. Zhang Jinbing, an executive Director and co-chairman, has been re-designated as the Chairman of the Company with effect from January 12, 2018. M.T. Cheung has ceased to act as the Chief Executive Officer. Zhang Jinbing, an executive Director and the Chairman of the Board, has been appointed as the Chief Executive Officer with effect from January 12, 2018.