A consortium comprising Singapore-based global investment company Temasek, Chinese PR firm Centurium Capital, and True Light, have offered to take China’s leading less-than-truckload (LTL) express freight operator ANE (Cayman) Inc, private in a deal valuing the latter $1.84 billion.
Following the proposal, ANE (Caymen) has announced its intention delist from Hong Kong Exchange (HKEX), where its shares are traded.
Centurium Capital already owns about 24.32 per cent of ANE’s shares, while Temasek and True Light do not currently hold any stake in the company. Earlier this month, ANE had received a conditional proposal from the consortium but the indicative offer price was not disclosed at that time.
The consortium received the Irrevocable Undertakings (IUs) from the ANE (Cayman)’s CEO Qin Xinghua and COO Jin Yun in support of the proposal. The offeror concert parties hold in aggregate 35.74% of the company’s total issued shares, excluding treasury shares.
The proposal sets out a cash alternative of $1.57 per share, valuing the ANE (Cayman) at $1.84 billion on an equity value basis, a level the company has not reached since mid-November 2021, ANE (Cayman) said in a filing with HKEX.
The cash alternative represents an attractive premium of 48.54% over the closing price of $1.06 per share on 3 September 2025, which was the last trading day prior to when there were irregular trading volumes and price movements in the shares.
Attractive Opportunity for Shareholders
The proposal provides an attractive opportunity for shareholders to monetise their investment in the company at a price with a compelling premium, amid limited liquidity in the shares, and ongoing market risks and uncertainties.
Since its IPO in 2021, ANE (Cayman) has faced macroeconomic and industry challenges, including the global pandemic, economic headwinds, and increased competition in the LTL freight industry.
Despite successfully adapting its operating strategies to achieve industry-leading profitability, the share price has remained under pressure due to an unfavourable external environment and low trading liquidity, making it a challenge for shareholders to divest a substantial amount of the shares without a significant discount through on-market transactions, ANE (Cayman) said.
In addition, there are limited benefits in maintaining the company’s listing status, and delisting allows for greater focus on the core business.
In light of these issues, considering associated costs and resources required, there are limited benefits for the Company to maintain its listed status. This would enhance operational efficiency and better support the Company’s long-term development.
ANE (Cayman) has established an Independent Board Committee (IBC), comprising non-executive directors and Independent non-executive directors to evaluate the proposal and make a recommendation to minority shareholders as to whether it is fair and reasonable and as to voting.
The Board, with the approval of the IBC, has appointed Anglo Chinese Corporate Finance, Limited as the Independent Financial Adviser (IFA) to advise IBC for the purposes of making a recommendation to shareholders in connection with the proposal.
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