Zuo Ling completed the acquisition of 5.17% stake in Lanzhou Lishang Guochao Industrial Group Co.,Ltd from China Honglou Group Co., Ltd.
May 11, 2022
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Zuo Ling singed a Share Transfer Agreement to acquire 5.17% stake in Lanzhou Lishang Guochao Industrial Group Co.,Ltd (SHSE:600738) from China Honglou Group Co., Ltd. for approximately CNY 200 million on Mach 8, 2022. Under the terms, Zuo Ling will transfer CNY 30 million within 2 working days to the bank account designated by China Honglou as the first share transfer payment, within 6 working days after receiving the "Securities Transfer Registration Confirmation" issued by China Securities Depository and Clearing Corporation Shanghai Branch, Zuo Ling will pay CNY 90 million to the bank account designated by China Honglou as the second share transfer payment, within 60 days after both parties complete the transfer procedures of the shares, Zuo Ling will pay CNY 100 million to the bank account designated by China Honglou as the third share transfer payment. As part of the transaction, Zuo Ling will acquire 40 million shares in Lanzhou Lishang Guochao.
Zuo Ling completed the acquisition of 5.17% stake in Lanzhou Lishang Guochao Industrial Group Co.,Ltd (SHSE:600738) from China Honglou Group Co., Ltd. on May 12, 2022.
Lanzhou Lishang Guochao Industrial Group Co Ltd, formerly Lanzhou Minbai Shareholding Group Co Ltd, is a China-based company that operates department store business. The Company is principally engaged in retail department stores and catering hotels in Lanzhou, professional market management in Nanjing, professional markets in Hangzhou and Shanghai, as well as unified operation and management of integrated shopping malls. The Company mainly operates its business in the domestic market.