Sinoer Men's Wear Co., Ltd. cancelled the acquisition of Lijiang Yulong Garden Investment Co., Ltd. and Lijiang Huilong Tourism Development Co., Ltd. from Guangzhou Xingxing Media Co., Ltd.
October 15, 2019
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Sinoer Men's Wear Co., Ltd. (SZSE:002485) entered into an agreement to acquire Lijiang Yulong Garden Investment Co., Ltd. and Lijiang Huilong Tourism Development Co., Ltd. from Guangzhou Xingxing Media Co., Ltd. for approximately CNY 810 million on October 15, 2018. Under the terms of the transaction, Sinoer Men's Wear Co., Ltd. will issue 58.79 million shares at CNY 13.71 per share as consideration. For the year ended December 31, 2017, Lijiang Yulong Garden Investment Co., Ltd. reported total assets of CNY 1.1 billion, net assets of CNY 739.2 million, revenue of CNY 13.7 million, and net profit of CNY 2.9 million. For the year ended December 31, 2017, Lijiang Huilong Tourism Development Co., Ltd. reported total assets of CNY 144.6 million, net assets of CNY 82.2 million, revenue of CNY 2.3 million, and net profit of CNY 1.1 million.
The transaction is subject to shareholders’ approval of Sinoer Men's Wear Co., Ltd. and approval from the China Securities Regulatory Commission. The transaction was approved by the 16th meeting of the 4th directorate of Sinoer Men's Wear Co., Ltd. and shareholders’ meeting of Lijiang Yulong Garden Investment Co., Ltd. and Lijiang Huilong Tourism Development Co., Ltd. on October 16, 2018.
Sinoer Men's Wear Co., Ltd. (SZSE:002485) cancelled the acquisition of Lijiang Yulong Garden Investment Co., Ltd. and Lijiang Huilong Tourism Development Co., Ltd. from Guangzhou Xingxing Media Co., Ltd. on October 15, 2019.
Cedar Development Co Ltd, formerly Sinoer Men's Wear Co Ltd, is a China-based company mainly engaged in the apparel industry. The Company's main business includes apparel business, supply chain management business and cultural tourism business. The apparel business is mainly responsible for the sales of branded apparel. Its products include suits, shirts and other apparel. The supply chain management business provides comprehensive solutions including multiple comprehensive services such as information flow, logistics, and capital flow. The cultural tourism business is based on the resources of first-line tourism destinations, focusing on the development of cultural tourism towns, channel integration and global tourism development. The Company's products are sold to domestic and foreign markets.
Sinoer Men's Wear Co., Ltd. cancelled the acquisition of Lijiang Yulong Garden Investment Co., Ltd. and Lijiang Huilong Tourism Development Co., Ltd. from Guangzhou Xingxing Media Co., Ltd.
CEDAR DEVELOPMENT CO.,LTD. 
