Wolong Real Estate Group Co.,Ltd. signed a share transfer agreement to acquire 13% stake in Guangzhou Junhai Network Technology Co., Ltd. from Chen Jinhai, Ge Kunhong and Guangzhou Ucweb Computer Technology Company, Ltd. for approximately CNY 110 million.
January 02, 2017
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Wolong Real Estate Group Co.,Ltd. (SHSE:600173) signed a share transfer agreement to acquire 13% stake in Guangzhou Junhai Network Technology Co., Ltd. from Chen Jinhai, Ge Kunhong and Guangzhou Ucweb Computer Technology Company, Ltd. for approximately CNY 110 million on January 3, 2017. As reported, Wolong Real Estate Group will acquire 6% stake from Chen Jinhai for CNY 57 million, 2% stake from Ge Kunhong for CNY 19 million and 5% stake from Guangzhou UCWEB Computer Technology Co., Ltd for CNY 32.5 million. For the year ended December 31, 2016, Guangzhou Junhai Network Technology Co., Ltd. reported total assets of CNY128.8 million, net assets of CNY 82.9 million, revenue of CNY 178.8 million and net profit of CNY 44.7 million. The transaction is not subject to approval of shareholders of Wolong Real Estate Group Co.,Ltd. The transaction has been approved by Board of Directors of Wolong Real Estate Group Co.,Ltd.
Wolong Resources Group Co Ltd, formerly Wolong Real Estate Group Co Ltd, is a China-based company principally engaged in the development and sales of properties. The Company's projects are mainly situated in Wuhan, Qingyuan and Shaoxing. The Company is also engaged in property management business. The Company operates its businesses principally in East China, Middle China and South China. Through its subsidiaries, it is also involved in the property development and operation, hotel operation, as well as landscape construction, among others.
Wolong Real Estate Group Co.,Ltd. signed a share transfer agreement to acquire 13% stake in Guangzhou Junhai Network Technology Co., Ltd. from Chen Jinhai, Ge Kunhong and Guangzhou Ucweb Computer Technology Company, Ltd. for approximately CNY 110 million.