Shanghai Yuyuan Tourist Mart Co., Ltd. cancelled the acquisition of Winner Gold Investments Limited from China Alliance Properties Limited.
January 11, 2018
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Shanghai Yuyuan Tourist Mart Co., Ltd. (SHSE:600655) entered into a sale and purchase agreement to acquire Winner Gold Investments Limited from China Alliance Properties Limited for approximately CNY 310 million on November 20, 2017. The consideration will be settled by way of issuance of 29.69 million shares and is subject to adjustment. The consideration shares will be subject to a lock up period of 36 months from the date of the completion of the issuance. In related transactions, Shanghai Yuyuan Tourist Mart Co., Ltd. (SHSE:600655) entered into sale and purchase agreements to acquire stakes in 27 companies on November 20, 2017. For the year ended December 31, 2016, Winner Gold Investments Limited reported total assets of CNY 882.9 million, net liabilities of CNY 14.04 million, and net loss of CNY 13.5 million.
The transaction is subject to the agreement been duly executed by the parties, approval of the Board and the shareholders of Shanghai Yuyuan Tourist Mart Co., Ltd., approval by the internal decision making committee of China Alliance, State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government, approval of Ministry of Commerce, approval of China Securities Regulatory Commission. As on December 6, 2017, shareholders of Shanghai Yuyuan Tourist Mart reviewed and proposed that Winner Gold Investments Limited no longer be included in the target companies to be acquired. Haitong Securities Co., Ltd. acted as financial advisor to Shanghai Yuyuan Tourist Mart Co., Ltd.
Shanghai Yuyuan Tourist Mart Co., Ltd. (SHSE:600655) cancelled the acquisition of Winner Gold Investments Limited from China Alliance Properties Limited on January 12, 2018. The Shanghai Yuyuan Tourist Mart’s 13th interim session of the 9th directorate meeting convened on January 12, 2018 reviewed and approved the proposal made by the shareholders of Shanghai Yuyuan Tourist Mart.
Shanghai Yuyuan Tourist Mart Group Co Ltd is a China-based company mainly engaged in the jewelry and fashion business. The Company operates 11 segments. Jewelry and Fashion segment is engaged in the sales of gold, platinum, diamond-set, jade, jade, watches and other jewelries. Property Development and Sales segment is engaged in the development and sales of commercial properties. The Company also operates Catering Management and Service segment, Food, Department Store and Handicraft Sales segment, Medicine & Health and Others segment, Cosmetics segment, Fashion Watch segment, Commercial Operation Management and Leasing segment, Resort segment, Other Operations and Management Services segment and Wine Industry segment.