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Land Control: Lanbang, Anke Technologies and Tun Kung Enter into a Tri-Party Agreement

AInvestThursday, Dec 5, 2024 7:00 am ET
1min read

LandOcean (06623) announced that, as disclosed in the announcement dated 28 October 2024, as of the date of the announcement, Anke Technology and Ping An Overseas Holdings each held approximately 34.10% and 22.72% of the shares respectively. Anke Technology is a wholly-owned subsidiary of Ping An Financial Technology, which is wholly-owned by Ping An Group. Ping An Overseas Holdings is a direct wholly-owned subsidiary of Ping An Group.

Further disclosed in the announcement, Tun Kung held approximately 17.78% of the shares as of the date of the announcement. As of the date of the announcement, Lanbang and Tongjun each held 56.37% and 43.63% of the issued and listed shares of Tun Kung respectively.

On 5 December 2024, the board received a notice from Anke Technology that Lanbang, Anke Technology and Tun Kung had entered into a three-party agreement, pursuant to which the Tun Kung offshore call option would be amended to allow Anke Technology to purchase 174 million shares (representing approximately 10.02% of the total shares) held by Tun Kung, instead of all the shares held by Lanbang, and in consideration for the above share transfer, Tun Kung shall repurchase all the shares held by Lanbang in Tun Kung. As of 5 December 2024 immediately following the exercise of the option and the share transfer, Anke Technology together with Ping An Overseas will hold approximately 66.85% of the shares, and Tun Kung will hold approximately 7.76% of the shares.

In addition, according to the information available to the Company and the knowledge of the board, the Company has maintained sufficient public shareholding in accordance with the Securities Listing Rules of the Stock Exchange of Hong Kong after the share transfer and as of the date of this announcement.

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