Hunan Friendship&Apollo Commercial Co., Ltd. cancelled the acquisition of an additional 9% stake in Chenzhou Friendship Apollo Commercial Investment Co., Ltd. from Hunan Xihua Investment Co., Ltd.
September 24, 2019
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Hunan Friendship&Apollo Commercial Co., Ltd. (SZSE:002277) agreed to acquire an additional 9% stake in Chenzhou Friendship Apollo Commercial Investment Co., Ltd. from Hunan Xihua Investment Co., Ltd. for approximately CNY 120 million on September 25, 2018. Hunan Friendship&Apollo Commercial will use own fund to acquire 9% in Chenzhou Friendship Apollo Commercial Investment. Upon completion, Hunan Friendship&Apollo will hold 80% stake in Chenzhou Friendship Apollo Commercial Investment. For the December 31, 2017, Chenzhou Friendship Apollo Commercial Investment reported revenue of CNY 310.7 million, total assets of CNY 1.3 billion, net assets of CNY 389.7 million and net loss of CNY 59.1 million. The transaction has been approved at 18th session of Hunan Friendship&Apollo Commercial's 5th directorate.
Hunan Friendship&Apollo Commercial Co., Ltd. (SZSE:002277) cancelled the acquisition of an additional 9% stake in Chenzhou Friendship Apollo Commercial Investment Co., Ltd. from Hunan Xihua Investment Co., Ltd. on September 25, 2019.
Hunan Friendship&Apollo Commercial Co., Ltd. is a China-based company, principally engaged in commodity retailing business. The Company operates department stores and shops in Hunan province, China, including Friendship Shop, Spring, Friendship&Apollo Appliance and F&A Spring , among others, which deal with cosmetics, perfumes, household products, decorations, clocks and glasses, men's and women's apparels, accessories, knitted and textile products, footwear and hats, bags, children's apparels, toys, sports products, leisure products, stationeries, teas, pharmaceuticals, household electrical appliances, air conditioners, audio and video electronics, as well as communication devices, among others. Through its subsidiaries, it also engages in the household electrical appliance sales, hotel operation, as well as loan and guarantee businesses.
Hunan Friendship&Apollo Commercial Co., Ltd. cancelled the acquisition of an additional 9% stake in Chenzhou Friendship Apollo Commercial Investment Co., Ltd. from Hunan Xihua Investment Co., Ltd.
HUNAN FRIENDSHIP&APOLLO COMMERCIAL CO.,LTD. 
