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Yixin gets new controller
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A Tencent-led investment consortium will become a controlling shareholder in Hong Kong-listed Yixin Group after it made a share and option purchase offer totalling HK$2.84 billion (US$365 million).
The news came after the agreement of a US$1.1-billion cash privatization deal with US-listed Bitauto Holdings, Yixin’s controlling shareholder.
The consortium intends to maintain the listing of Yixin shares after the close of the offers, according to a stock exchange filing on Monday.
On completion of the transaction, Yixin’s board of directors would comprise at least five members with at least two directors nominated by Tencent and one by Hammer Capital.
Tencent’s subsidiary Morespark and Hammer Capital Opportunities Fund is paying US$16 per share for Bitauto, which will be delisted following the transaction’s completion.
JD Financial holds about 10.7 percent in Yixin which will be excluded from the joint offer.
Yixin shares opened up 4.7 percent in yesterday morning.
Yixin Group, which offers automobile finance facilitator services, was listed in 2017 on the Hong Kong bourse as a spin-off from Bitauto Group.
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