HK Stock Market Move | Sino Golf Holdings (00361) surged more than 43% at the close, Hans Energy plans to acquire the controlling stake of the company or achieve a backdoor listing.

At the close of trading, SINO GOLF HOLD (00361) surged more than 43%, rising 36.92% as of the time of writing to HK$0.089, with a turnover of HK$7.7829 million. On the news front, SINO GOLF HOLD recently announced that the receiver will sell 2.601 billion shares and convertible bonds with a total principal amount of HK$74.1 million to the independent third party Han Cheng Energy Group (offeror) for a total consideration of approximately HK$93.34 million. After completion, the offeror will collectively hold 50.11% of the company's share capital. The announcement stated that Han Cheng Energy Group plans to maintain SINO GOLF HOLD's listing status on the Stock Exchange after the offer deadline. Public information shows that Han Cheng Energy Group is a privately-owned enterprise located in Hubei. The company encompasses four business divisions, including "automobile trading, energy, real estate, finance," and two subsidiaries, "Shenzhen Dongfeng, Shenzhen Environmental," with over 50 subordinate companies operating in "automobile trading, clean energy, real estate development, special vehicle manufacturing, intelligent environmental sanitation, financial investment," with an annual output value of nearly 10 billion yuan. Currently, Mr. Liu Jincheng owns 80% of Han Cheng Energy Group, with Mr. Liu Gang owning 20%. Some analysts believe that one of the core purposes of Han Cheng Energy Group's acquisition of SINO GOLF HOLD may be to achieve a backdoor listing for itself.