Shanghai Houfeng Investment Co., Ltd. cancelled the acquisition of 69.6% stake in Gansu Tangzhicai Wine Co., Ltd. from Gansu Huangtai Wine-Marketing Industry Co., Ltd..
June 09, 2019
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Shanghai Houfeng Investment Co., Ltd. agreed to acquire 69.6% stake in Gansu Tangzhicai Wine Co., Ltd. from Gansu Huangtai Wine-Marketing Industry Co., Ltd. (SZSE:000995) for approximately CNY 160 million on December 6, 2018. Post completion of the transaction, Shanghai Houfeng Investment Co., Ltd. will hold 70% stake and Gansu Huangtai Wine-Marketing Industry Co., Ltd. will hold 30% stake in Gansu Tangzhicai Wine Co., Ltd. The transaction has been approved by the shareholders of Shanghai Houfeng Investment Co., Ltd. and Gansu Huangtai Wine-Marketing Industry Co., Ltd. The transaction has been approved by the board of Gansu Huangtai Wine-Marketing Industry Co., Ltd. Tianfeng Securities Co., Ltd. acted as a financial advisor, Xigema Certified Public Accountants Co., Ltd. acted as an accountant and Yongxing Law Firm acted as legal advisor to Gansu Huangtai Wine-Marketing Industry Co.,Ltd. in the deal.
Shanghai Houfeng Investment Co., Ltd. cancelled the acquisition of 69.6% stake in Gansu Tangzhicai Wine Co., Ltd. from Gansu Huangtai Wine-Marketing Industry Co., Ltd. (SZSE:000995) on June 10, 2019. The transaction is approved by the shareholders of Gansu Huangtai Wine-Marketing Industry. Shanghai Houfeng Investment Co., Ltd. or its designated third party has not paid the transfer payment within the period agreed in the original agreement and that there is a big uncertainty as to whether the transfer payment can be paid, following Gansu Huangtai Wine-Marketing Industry negotiation with Shanghai Houfeng Investment Co., Ltd., it was agreed to terminate this major asset restructuring. On June 10, 2019, Gansu Huangtai Wine-Marketing Industry 5th interim session for 2019 of the 7th directorate meeting and 2nd interim session for 2019 of the 7th supervisory board meeting reviewed and approved the proposal on termination of the major asset sale and connected transaction and signing of the termination of the stake transfer agreement.
GANSU HUANGTAI WINE-MARKETING INDUSTRY CO., LTD. is a China-based company principally engaged in the production and distribution of liquor products. The Company's products mainly include crop-brewed liquors, wines, tomato product, as well as other prepackaged foods. The Company's liquors include Zhizun series, Liuding Series, Huangtai Bense series and others. The Company distributes its products primarily in domestic markets, with Gansu province as its major market.
Shanghai Houfeng Investment Co., Ltd. cancelled the acquisition of 69.6% stake in Gansu Tangzhicai Wine Co., Ltd. from Gansu Huangtai Wine-Marketing Industry Co., Ltd..