Jiangsu Soho Textile Group Co., Ltd entered into an agreement to acquire 60% stake in Jiangsu Hongye Yongwei International Trade Co., Ltd. from Jiangsu Holly Corporation (SHSE:600128) for CNY 12 million on December 26, 2022. The consideration will be paid in cash. Jiangsu Holly acquired 4.8 million shares of target company. The board of directors of Jiangsu Holly approved the transaction. The other shareholders of Jiangsu Hongye Yongwei International agreed to waive the right of first refusal. As of June 30, 2022, Hongye Yongwei has total assets of CNY 62.72 million and net assets of CNY 11.93 million.

Jiangsu Soho Textile Group Co., Ltd completed the acquisition of 60% stake in Jiangsu Hongye Yongwei International Trade Co., Ltd. from Jiangsu Holly Corporation (SHSE:600128) on December 27, 2022.