SINGAPORE (Sept 21): China Hongxing Sports’ former CEO Denis Wu Rongzhao is making a RMB100 million ($20.5 million) offer to acquire company’s operating subsidiaries.

The deal requires the approval of shareholders. If it goes through, China Hongxing will become a listed shell.

“Minority shareholders who continue to hold shares in the shell will benefit from a reverse takeover,” the company says in a filing this morning.

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