Suning Universal Co.,Ltd cancelled the acquisition of Yixing Suning Universal Modern Agriculture Co., Ltd. from Suning Modern Agriculture Co., Ltd.
January 03, 2019
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Suning Universal Co.,Ltd (SZSE:000718) signed a transfer agreement to acquire Yixing Suning Universal Modern Agriculture Co., Ltd. from Suning Modern Agriculture Co., Ltd. for approximately CNY 370 million on December 19, 2018. For the year ended December 31, 2017, Yixing Suning Universal Modern Agriculture Co., Ltd. had total assets of CNY 155.3 million, net assets of CNY 115.1 million, revenue of CNY 27.6 million and net profit of CNY 14.9 million. The transaction has been approved by the Board of Suning Universal Co.,Ltd.
Suning Universal Co.,Ltd (SZSE:000718) cancelled the acquisition of Yixing Suning Universal Modern Agriculture Co., Ltd. from Suning Modern Agriculture Co., Ltd. on January 3, 2019. Recently, Suning Universal Co.,Ltd received Suning Modern Agriculture Co., Ltd.'s cancellation request taking various factors such as current market environment into account. Suning Modern Agriculture Co., Ltd. is currently re-integrating its subsidiaries and the related businesses. Suning Universal Co.,Ltd held its 9th Directorate’s 13th meeting on January 3, 2019 and approved the termination which did not require approval from the shareholders.
Suning Universal Co., Ltd. specializes in the development, promotion and management of real estate assets. In addition, the group is developing activities in the manufacture of building materials, construction engineering and hotel operations. Net sales break down by activity as follows:
- development, management and promotion of real estate assets (91.3%);
- sale of building materials (3%): concrete, architectural coatings, thermal insulation materials, etc.;
- development and operation of hotels (2.5%);
- other (3.2%).
China accounts for 99% of sales.
SUNING UNIVERSAL CO.,LTD 
