Who is Ma Liyang in this deal?

Ma Liyang is the buyer of a 65% controlling stake in Most Kwai Chung. By crossing the 30% threshold, the acquisition likely triggers a mandatory general offer to remaining shareholders under Hong Kong’s Takeovers Code. Control, strategy, and governance will now reflect the new owner’s plans.

What is a mandatory general offer in Hong Kong?

A mandatory general offer is required when a party acquires 30% or more of a company’s voting rights. The offer must be at least the highest price paid by the offeror in the past six months and backed by certain funds. Shareholders can then tender their shares during the offer period.

What price should investors watch after trading resumes?

HK$0.6963 is the key anchor, as it is the price Ma Liyang is paying for the 65% stake. If no higher price was paid recently, the mandatory general offer cannot be below that level. Market prices often move toward this reference when trading resumes after such disclosures.

How does the 42% discount affect minority shareholders?

The 42% discount signals a valuation reset versus the last close, pulling expectations toward the deal price. For minorities, the likely offer floor at HK$0.6963 frames tender decisions. Upside may depend on strategy updates or competing interest, while downside risk is often tied to event-driven volatility.

Global Market Insights

March 13: Ma Liyang Buys 65% of Most Kwai Chung at 42% Discount

ByDanny Kontos March 12, 2026March 12, 2026

Ma Liyang has agreed to buy 65% of Most Kwai Chung for HK$122.2 million at HK$0.6963 per share, a 42% discount to the last close. The HKEX disclosure suggests a likely mandatory general offer under the Hong Kong Takeovers Code, with trading set to resume on 13 March. For Hong Kong investors, the steep discount versus the recent run-up signals a reset in control, strategy, and valuation. We explain what this means for pricing, timelines, and minority outcomes in the Most Kwai Chung sale.