Ling Yui Becomes Subject to Mandatory Takeover After Change in Ownership; Shares Soar 231%
Ling Yui Holdings (HKG:0784) said it became the subject of a mandatory takeover offer after a change in ownership of the business, according to a Hong Kong bourse filing Tuesday.Shares of the engineering services company surged nearly 231% in morning trade Wednesday.Four of the company's shareholders sold a combined 560.1 million shares, representing 70.02% of the business, to Hapbiotech Investment Holding at HK$0.2375 each, or HK$133 million in total.Hapbiotech Investment, which is owned by HaploX Investment, has now offered to acquire the rest of the company's shares at the same price.The firm said it had set up an independent board committee to advise minority shareholders on the matter.The company's board has also proposed changing the company's name to AiLife International Group.