I-CONTROL (01402.HK) announced on Thursday, September 10, that it has been notified by potential sellers—including Luxurious Bay Capital Limited, Huang Jingqiang, and Knight Sky Holdings Limited—who collectively hold approximately 71.59% of the company's shares. These shareholders signed a memorandum of understanding (MOU) with an independent third party on Wednesday, September 9, regarding a potential sale of their holdings.

Under the terms of the MOU, the potential buyer is granted an exclusive period of three months from the date of the memorandum to conduct legal, financial, tax, corporate, operational, contractual, and property due diligence on the group. Apart from provisions related to due diligence, the exclusivity period, good faith deposit, confidentiality, termination, and certain standard clauses, the memorandum is not legally binding.

Should the potential transaction materialize, the buyer would acquire more than 30% of the company's voting rights, potentially triggering a mandatory unconditional general offer. I-CONTROL also noted that the board has observed unusual fluctuations in the company's share price and trading volume recently. After making reasonable inquiries, the board confirmed that, aside from the aforementioned disclosure, it is not aware of any reasons for the fluctuations, nor does it have any data or inside information that must be announced to prevent the creation of a false market.

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