Sanrio Company, Ltd. cancelled the acquisition of Shanghai CYF Company Limited from Mainland Headwear Holdings Limited.
August 30, 2020
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Sanrio Company, Ltd. (TSE:8136) agreed to acquire Shanghai CYF Company Limited from Mainland Headwear Holdings Limited (SEHK:1100) for CNY 0.58 million on August 31, 2019. The consideration will be paid in cash. As of December 31, 2018, the revenue of Shanghai CYF Company Limited is CNY 38 million and net income is CNY 1.1 million. The condition in equity transfer agreement, if not fulfilled on or before September 30, 2019, the Sanrio Company, Ltd is entitled to terminate the agreement and the equity transfer agreement will automatically terminate with immediate effect. The net proceeds from the transaction are intended to be used for the Mainland Headwear Holdings Limited business development and general working capital.
Sanrio Company, Ltd. (TSE:8136) cancelled the acquisition of Shanghai CYF Company Limited from Mainland Headwear Holdings Limited (SEHK:1100) on August 31, 2020.
Sanrio Company, Ltd. is a Japan-based company mainly engages in the planning and sales of social communication gift products, theme park business and others. Social Communication Gifts business mainly involves in the planning and sales of social communication gifts, as well as greeting cards, publications, the production and sales of video software, and the licensing and management of copyright. The Theme Park business operates theme parks, and plans and provides musicals and others. In addition, the Company is also engaged in the sale and leasing of robots, automobile loan, property and casualty insurance agency business and others.
SANRIO COMPANY, LTD. 
