Xinlang-Sinoer Group Co., Ltd. signed a share transfer agreement to acquire Shandong Sinoer Men's Wear Co., Ltd from Sinoer Men's Wear Co., Ltd. for approximately CNY 510 million.
December 22, 2020
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Xinlang-Sinoer Group Co., Ltd. signed a share transfer agreement to acquire Shandong Sinoer Men's Wear Co., Ltd from Sinoer Men's Wear Co., Ltd. (SZSE:002485) for approximately CNY 510 million on December 21, 2020. As per the terms of the transaction, Xinlang-Sinoer Group Co., Ltd. will pay 50% of the total consideration before December 31, 2020, and 50% before June 30, 2021. In November 30, 2020, Shandong Sinoer Men's Wear Co., Ltd reported a total assets of CNY 632 million and total common equity of CNY 480 million. The transaction was approved by the Board of Directors of Sinoer Men's Wear Co., Ltd. Within 15 days after the first payment, the transaction will be completed.
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.
Xinlang-Sinoer Group Co., Ltd. signed a share transfer agreement to acquire Shandong Sinoer Men's Wear Co., Ltd from Sinoer Men's Wear Co., Ltd. for approximately CNY 510 million.
CEDAR DEVELOPMENT CO.,LTD. 
