Zhejiang Huamei Holding CO., LTD. cancelled the acquisition of 55% stake in Hangzhou Xiaowen Real Estate Co., Ltd. from Hangzhou Daily Press Group Co., Ltd.
December 05, 2019
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Zhejiang Huamei Holding CO., LTD. (SZSE:000607) signed an equity transfer agreement to acquire 55% stake in Hangzhou Xiaowen Real Estate Co., Ltd. from Hangzhou Daily Press Group Co., Ltd. for approximately CNY 310 million on December 5, 2018. Payment will be done in 3 installments. A first installment of 40% of the transactional price will be payable within 7 days since completion of change of registry procedures. A second installment of 30% of the transactional price will be payable before July 31, 2019 and a third installment of 30% of the transactional price payable will be before May 31, 2020. Zhejiang Huamei Holding CO., LTD. will use CNY 308.2 million for the deal.
For the year ending December 31, 2017, Hangzhou Xiaowen Real Estate Co., Ltd. reported operating revenue of CNY 0 and net loss of CNY 1 million. As of year ending December 31, 2017, Hangzhou Xiaowen Real Estate Co., Ltd. reported total assets of CNY 174.2 million and net assets of CNY 154.3 million. The deal is subject to approval of the shareholders’ of Zhejiang Huamei Holding CO., LTD. The transaction was approved by the 5th meeting of the 9th directorate of Zhejiang Huamei Holding CO., LTD.
Zhejiang Huamei Holding CO., LTD. (SZSE:000607) cancelled the acquisition of 55% stake in Hangzhou Xiaowen Real Estate Co., Ltd. from Hangzhou Daily Press Group Co., Ltd. on December 5, 2019.
Zhejiang Huamei Holding Co Ltd is a China-based company principally engaged in advertising planning and distribution, newspaper distribution and printing, education and other businesses. The Company primarily operates through two segments. Newspaper Publishing Industry Advertising Planning and Printing Related Business segment mainly provides products and services, including design, production, agency, and release of domestic advertising (except online advertising release), planning of cultural and artistic exchange activities, exhibition services, publications, packaging and decoration, other printed matter printing (limited to branch operations), wholesale, retail, printing equipment, and printing supplies. Education and Training Business segment mainly provides products and services, including educational management, educational consulting, vocal training, dance training, technology development, technology transfer, technical consulting, technical services, and technical training.
Zhejiang Huamei Holding CO., LTD. cancelled the acquisition of 55% stake in Hangzhou Xiaowen Real Estate Co., Ltd. from Hangzhou Daily Press Group Co., Ltd.