On February 17, Quoqing will pay HK$ 540 million to acquire about 225 million shares of Sunley Holdings Limited (01240) at HK$ 2.4 per share, which account for 75% of its total shares. After completion of the acquisition, Guoqing will develop long-term business strategy for Sunley Holdings Limited and use it as a platform for developing business in Hong Kong.

Sunley Holdings Limited is a foundation works contractor in Hong Kong, which is mainly engaged in foundation works and machinery leasing business. The construction projects undertaken by Sunley Holdings Limited can be broadly divided into foundation works and ancillary services for pile foundation works. Sunley Holdings Limited was listed on HKEx on October 18, 2012, with total share capital of 300 million shares.