Huang Wanjiong agreed to acquire 20% stake in Sichuan Jibaixing Food Co., Ltd from Chengdu Hongqi Chain Co.,Ltd. for CNY 8 million.
October 20, 2020
Share
Huang Wanjiong agreed to acquire 20% stake in Sichuan Jibaixing Food Co., Ltd from Chengdu Hongqi Chain Co.,Ltd. (SZSE:002697) for CNY 8 million on October 20, 2020. As per the transaction, the first installment of CNY 3 million will be paid within 5 working days after the agreement is signed, Huang Wanjiong will pay an interim payment of CNY 2 million before June 31, 2021 and final payment of CNY 3 million before October 31, 2021. Upon completion, Chengdu Hongqi Chain Co.,Ltd will no longer hold Jibaixing shares. Sichuan Jibaixing Food Co., Ltd reported total assets of CNY 29.6 million and net assets of CNY 19.4 million. The transaction is approved by the board of Chengdu Hongqi Chain Co.,Ltd.
Chengdu Hongqi Chain Co., Ltd. is a China-based company principally engaged in the operation of regular chain supermarkets. The Company mainly provides daily-used products, cigarettes, wines, food, grains, oil, beverages, clothing, shoes, hats and textiles and others. The Company also provides autobus card recharging service, ticket consignment service, payment of telecommunication and natural gas fee, as well as electronic payment service. The Company conducts its businesses mainly in Sichuan Province, China.
CHENGDU HONGQI CHAIN CO.,LTD. 
