Argonaut acted as Advisor to the $35 million Takeover Bid of Ningbo Xianfeng New Material Co., Ltd. over Kresta Holdings Limited in 2014 through its wholly-owned subsidiary, Suntarget (Hong Kong) Trading Co., Ltd.  The Offer was for the take over of all Kresta shares not already owned by Suntarget which was at 19.88%. Kresta Holdings Limited is an Australian window treatment and component manufacturer and wholesaler with products sold in Australia and New Zealand for over 40+ years.

Ningbo Xianfeng New Material Co., Ltd. is a Chinese company focused on developing and manufacturing screen fabrics, blackouts and other technical sun-shading materials for indoor and outdoor use. Ningbo Xianfeng has been listed as a public company on the Shenzhen Stock Exchange since 2011 and has then been operating in the international market as the brand APLUS. The Company established Ningbo Zhexian Trade Co., Ltd. for trading overseas. Its wholly-owned subsidiary includes SunTarget (HongKong) Trading Co., Limited who acquired Australia’s Kresta Holdings Limited in 2014. Ownership of Kresta Holdings has then been transferred to associate and entity controlled by Ningbo Xianfeng, Van Dairy (Hong Kong) Group Limited in 2019.