Metaspacex Limited has received a conditional voluntary partial cash offer from veteran investor Chan Yuen Tung, who—through financial adviser Rainbow Capital (HK) Limited—aims to purchase 15.80 million shares not already owned by him or concert parties. The target volume equals 3.29% of Metaspacex’s 480 million issued shares.
The offer is priced at HK$0.33 per share, translating into: • 50.00% discount to the HK$0.66 closing price on 9 April 2026 (last trading day before the offer announcement). • 44.07% discount to the HK$0.59 closing on 15 May 2026 (latest practicable date). • 76.67%, 82.67% and 86.90% discounts to the 5-day, 10-day and 30-day average closing prices up to 9 April 2026, respectively. • 106.25% premium to the audited net asset value of HK$0.16 per share as at 31 March 2025. • 120.00% premium to the unaudited net asset value of HK$0.15 per share as at 30 September 2025.
Assuming full take-up, maximum cash consideration reaches HK$5.21 million. Chan will fund the purchase entirely from personal resources; Rainbow Capital has confirmed the adequacy of funds.
Key conditions and timetable: • Offer document and acceptances open from 18 May 2026. • The offer is conditional on receiving valid acceptances for all 15.80 million shares by 4:00 p.m. on 3 July 2026 (First Closing Date). • If the condition is met, the offer becomes unconditional and remains open until 17 July 2026 (Final Closing Date). • Payment will be dispatched within seven business days after the Final Closing Date. • Odd-lot matching will run from 20 July to 28 August 2026.
Shareholding impact: Chan and his concert parties currently hold no Metaspacex shares. Full acceptance would lift their stake to 3.29%, while the public float would remain at 45.16%, above the 25% Listing Rules threshold. Controlling shareholder China Sports Asset Management Co., Limited would see its holding diluted from 53.30% to 51.55%.
Strategic rationale: Chan cites confidence in Metaspacex’s planned expansion into smart robotics—particularly its Open Claw actuator project—and the company’s HK$500 million investment commitment over the next three fiscal years. He also notes the share price decline from HK$3.57 on 16 January 2026 to HK$0.66 on 9 April 2026, viewing the current valuation as attractive.
Company snapshot: For FY 2025, Metaspacex posted revenue of HK$263.93 million and a net loss of HK$32.18 million, with net assets of HK$76.56 million. As at 30 September 2025, the group reported HK$110.11 million in half-year revenue and a HK$3.75 million loss.
Shareholders seeking to participate must lodge completed acceptances with Tricor Investor Services by the relevant deadlines. Overseas investors are responsible for ensuring compliance with local regulations.