Shanghai Shinsun Tongshang Garment Co., Ltd. announced that it expects to receive funding from Kanaan Co., Ltd., Tibet Gongbo gyamda Jiusheng Investment Co., Ltd., Shinsung Tongsang Co., Ltd.
April 17, 2018
Share
Shanghai Shinsun Tongshang Garment Co., Ltd. announced that it will receive an equity round of funding on April 18, 2018. The transaction will involve participation from new investor Tibet Gongbo gyamda Jiusheng Investment Co., Ltd. for CNY 110,000,000 and existing investors Shinsung Tongsang Co., Ltd. (KOSE:A005390) and Kanaan Co., Ltd for equivalent of CNY 12,000,000 in United States Dollars. Tibet Gongbo gyamda Jiusheng Investment Co., Ltd. entered into a capital increase agreement with Shanghai Shinsun Tongshang Garment Co., Ltd., Shinsung Tongsang Co., Ltd. (KOSE:A005390), and Kanaan Co., Ltd. Post the closing of the transaction, Tibet Gongbo gyamda Jiusheng Investment Co., Ltd. will hold 70% stake in the company and the existing investors will hold 30% stake in the company. The transaction is not subject to approval from the board of directors of Tibet Gongbo gyamda Jiusheng Investment Co., Ltd. The transaction is subject to approval from Commerce Government Departments. The company reported total assets of CNY 115,953,400, net assets of CNY -17,829,300, operating profit of CNY 133,900,100, and net profit of CNY -17,221,600 for the year ended December 31, 2017.
SHINSUNGTONGSANG.CO.,LTD. is a Korea-based company principally engaged in the manufacturing of apparels. The Company operates in two segments: manufacturing segment and retail segment. It is the original equipment manufacturer (OEM) of knit apparels such as shirts, sweaters, jackets and others, which provided to Gap, Old Navy, Target, WalMart and other buyers. It supplies its casual apparels under the brand name OLZEN, UNIONBAY, TOPTEN and ZIOZIA. Its retail segment provides foodstuff. It also involves in the rental business. The Company distributes its apparel products within domestic market and to overseas market.
Shanghai Shinsun Tongshang Garment Co., Ltd. announced that it expects to receive funding from Kanaan Co., Ltd., Tibet Gongbo gyamda Jiusheng Investment Co., Ltd., Shinsung Tongsang Co., Ltd.