Shanghai Yimin Commercial Group Co., Ltd. cancelled the acquisition of Shanghai Erbai Yongxin Limited Company from Shanghai Huaihai Commercial Co., Ltd and Shanghai No.2 Department Store.
February 04, 2021
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Shanghai Yimin Commercial Group Co., Ltd. (SHSE:600824) entered into an agreement to acquire Shanghai Erbai Yongxin Limited Company from Shanghai Huaihai Commercial (Group) Co., Ltd and Shanghai No.2 Department Store for approximately CNY 870 million on June 12, 2020. Under the terms, Shanghai Yimin Commercial plans to issue shares, convertible bonds and pay cash to purchase the Shanghai Erbai Yongxin. The purchase also includes assets as Huaihai Middle Road No. 811-841 (single number) land use rights and related ancillary buildings. After the completion of this transaction, Shanghai Erbai Yongxin Limited Company will become a wholly-owned subsidiary of Shanghai Yimin Commercial. The transaction was approved by the supervisory board of Shanghai Yimin Commercial Group Co., Ltd. On August 18, 2020, the shareholders of Shanghai Yimin Commercial Group Co., Ltd. disapproved the transaction.
Shanghai Yimin Commercial Group Co., Ltd. (SHSE:600824) cancelled the acquisition of Shanghai Erbai Yongxin Limited Company from Shanghai Huaihai Commercial (Group) Co., Ltd and Shanghai No.2 Department Store on February 5, 2021. The transaction was terminated because shareholders of Shanghai Yimin Commercial Group Co., Ltd. didn't approve the transaction. The Board of Directors of Shanghai Yimin Commercial Group Co., Ltd. passed the proposal for termination of the transaction.
Shanghai Yimin Commercial Group Co Ltd is a China-based company mainly engaged in commercial wholesale and retail, commercial property leasing, pawn industry, catering and tourism services. The commercial wholesale and retail business is mainly engaged in the wholesale and retail of underwear, gold jewelry, photographic equipment and bedding. Commercial property leasing operations are mainly engaged in the leasing and operation of shops, office buildings and factories. The hotel, catering and tourism business is mainly engaged in building characteristic hotels and providing catering and other services. The company also engages in pawn, senior care and online sales services. The Company mainly operates its businesses in the domestic market.
Shanghai Yimin Commercial Group Co., Ltd. cancelled the acquisition of Shanghai Erbai Yongxin Limited Company from Shanghai Huaihai Commercial Co., Ltd and Shanghai No.2 Department Store.
SHANGHAI YIMIN COMMERCIAL GROUP CO., LTD. 
