Fujian Kezheng Trading Co., Ltd. agreed to acquire Tianjin Rongyi Supply Chain Management Co., Ltd. from Fujian Dongbai Co.,Ltd. for CNY 35.4 million.
December 06, 2019
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Fujian Kezheng Trading Co., Ltd. agreed to acquire Tianjin Rongyi Supply Chain Management Co., Ltd. from Fujian Dongbai (Group) Co.,Ltd. (SHSE:600693) for CNY 35.4 million on December 6, 2019. As per the terms, consideration shall be paid in two installments of approximately CNY 5.3 million before December 20, 2019, and approximately CNY 5.09 million before March 31, 2020. Fujian Kezheng Trading Co., Ltd. shall pay CNY 10.4 million for equity acquisition and will take care of the debt of Tianjin Rongyi Supply Chain Management Co., Ltd. of CNY 25 million. For the year ending December 31, 2018, total asset, net asset, operating revenue and net profit of Tianjin Rongyi Supply Chain Management Co., Ltd. was approximately CNY 82.6 million, approximately CNY 10.6 million, approximately CNY 270 million and approximately CNY 0.59 million respectively. The transaction was approved by Fujian Dongbai (Group) Co.,Ltd. board of directors at 31st meeting of the 9th directorate. Shareholders approval is not required.
Fujian Dongbai Group Co Ltd is a China-based company principally engaged in commodity retailing, as well as the development and sales of real estates. The Company distributes household electrical appliances, cosmetics, cigarettes, wines, general merchandise and others through its regular chain department stores. In addition, the Company is also engaged in property leasing, property management, supply chain trading, as well as the provision of hotel, catering and advertising information services. The Company principally conducts its businesses within domestic market.
FUJIAN DONGBAI (GROUP) CO.,LTD. 
