Core Viewpoint - The acquisition of Shenzhen World Union Group Co., Ltd. by Zhuhai Zhuguang Group Holdings Co., Ltd. involves a transfer of state-owned assets, allowing Zhuguang Group to indirectly hold 30.58% of the voting rights in World Union, thus exceeding the 30% threshold that permits exemption from mandatory tender offer requirements [1][2][5]. Group 1: Acquisition Details - The acquisition is based on the approval from the Zhuhai State-owned Assets Supervision and Administration Commission, which authorized the transfer of 90.21% of Zhuhai Dahongqiao Group Co., Ltd. to Zhuguang Group [2][14]. - Prior to the acquisition, Zhuguang Group did not hold any shares in World Union, while Dahongqiao Group was the controlling shareholder with a direct stake of 16.26% and an additional 14.32% through voting rights entrusted by World Union China [15][18]. - The acquisition will not change the controlling shareholder or actual controller of World Union, as Zhuguang Group will manage Dahongqiao Group as a subsidiary [15][18]. Group 2: Financial Overview of Zhuguang Group - As of December 31, 2024, Zhuguang Group reported total assets of 1,086,244.69 million RMB, total liabilities of 658,133.97 million RMB, and net assets of 428,110.72 million RMB, reflecting an asset-liability ratio of 60.59% [8]. - The operating income for 2024 was 269,863.91 million RMB, with a net profit of 1,981.69 million RMB, resulting in a return on equity of 0.46% [8]. Group 3: Business Operations and Strategy - Zhuguang Group's core business includes cross-border project construction and operation, human resources and education training, and financial services, focusing on high-quality development and resource optimization [8][14]. - The company aims to enhance its cross-border business capabilities, particularly in the context of economic cooperation between Zhuhai and Macau [8].