Zhejiang Aokang Shoes Co., Ltd. completed the acquisition of 25.7% stake in LightInTheBox Holding Co., Ltd. from Ceyuan Ventures II LP, Ceyuan Ventures Advisors Fund II, LLC, funds of Ceyuan, GSR Ventures III, a fund of GSR Ventures Management Co. Ltd., Quji Guo, Xin WEN, Liang ZHANG.
July 22, 2015
Share
Ao'gang International (Hongkong) Co., Ltd. entered into a share purchase agreement to acquire 25.7% stake in LightInTheBox Holding Co., Ltd. (NYSE:LITB) from Ceyuan Ventures II LP, Ceyuan Ventures Advisors Fund II, LLC, funds of Ceyuan, GSR Ventures III, a fund of GSR Ventures Management Co. Ltd., Quji (Alan) Guo, Xin (Kevin) WEN, Liang ZHANG for $77.4 million in cash on June 9, 2015. Zhejiang Aokang Shoes will pay $6.30 per American Depositary Share, each representing two ordinary shares of Zhejiang Aokang Shoes. The transaction is subject to customary closing conditions, approval by National Development and Reform Commission, Ministry of Commerce, State Administration of Foreign Exchange and sellers having procured that the outgoing Directors be resigned and Zhejiang Aokang's Directors be appointed through Board resolutions to the Board effective as of the closing.
David Zhang, Jesse Sheley, Frank Sun, Henry Yin and Julia Yu of Kirkland & Ellis acted as legal advisors to GSR Ventures, Ceyuan and other shareholders of LightInTheBox. Huang Wen of King & Wood Mallesons acted as legal advisor for ZheJiang Aokang Shoe. Linda Bergkamp of ChristensenIR acted as public relations advisor for LightInTheBox Holding. China Renaissance Partners acted as financial advisor to LightInTheBox.
Ao'gang International (Hongkong) Co., Ltd. completed the acquisition of 25.7% stake in LightInTheBox Holding Co., Ltd. (NYSE:LITB) from Ceyuan Ventures II LP, Ceyuan Ventures Advisors Fund II, LLC, funds of Ceyuan, GSR Ventures III, a fund of GSR Ventures Management Co. Ltd., Quji (Alan) Guo, Xin (Kevin) WEN, Liang ZHANG on July 22, 2015. As a result of the transaction, Messrs. Zhentao Wang and Wenkui Chen have joined LightInTheBox as directors of LightInTheBox succeeding Messrs. Liang Zhang and Bo Feng who have tendered their resignations as directors of the LightInTheBox.
LightInTheBox Holding Co., Ltd. is an apparel e-commerce retailer that ships products to consumers worldwide. The Company is focused on serving middle-aged and senior customers. The Company operates through two segments: Product sales and Services. Its Product sales segment consists of online retailing of consumer products. Its Services segment consists of provision of logistic services to other e-commerce retailers. The Company offers customers products through its websites and mobile applications. Its product offerings include apparel, such as fast fashion and customized, special occasion apparel, and other general merchandise, such as small accessories and gadgets, home garden, toys and hobbies, electronics and communication devices and other products. The Company operates its business through www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.sg and other websites, as well as mobile applications that are available in more than 20 languages and 140 countries and regions.
Zhejiang Aokang Shoes Co., Ltd. completed the acquisition of 25.7% stake in LightInTheBox Holding Co., Ltd. from Ceyuan Ventures II LP, Ceyuan Ventures Advisors Fund II, LLC, funds of Ceyuan, GSR Ventures III, a fund of GSR Ventures Management Co. Ltd., Quji Guo, Xin WEN, Liang ZHANG.