Hunan Friendship&Apollo Commercial Co.,Ltd. agreed to acquire a 41.5% stake in Hunan Shaoyang Friendship & Apollo Co., Ltd. from Shaoyang Ruiyang Real Estate Development Co., Ltd. for approximately CNY 500 million.
August 12, 2021
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Hunan Friendship&Apollo Commercial Co.,Ltd. (SZSE:002277) agreed to acquire a 41.5% stake in Hunan Shaoyang Friendship & Apollo Co., Ltd. from Shaoyang Ruiyang Real Estate Development Co., Ltd. for approximately CNY 500 million on August 12, 2021. The purchase price of CNY 498 million will be paid using the company's own funds. After the completion of this transaction, the company will hold a 92.5% stake in Hunan Shaoyang Friendship & Apollo Co., Ltd. For the year ended December 31, 2020, Hunan Shaoyang Friendship & Apollo Co., Ltd. reported total assets of CNY 1,019,128,200, net assets of CNY 313,457,700, operating income of CNY 168,072,700, and net profit of CNY -38,390,300. The company held the twentieth meeting of the sixth board of directors on August 12, 2021, and reviewed and approved the transaction.
Hunan Friendship&Apollo Commercial Co., Ltd. is a China-based company, principally engaged in commodity retailing business. The Company operates department stores and shops in Hunan province, China, including Friendship Shop, Spring, Friendship&Apollo Appliance and F&A Spring , among others, which deal with cosmetics, perfumes, household products, decorations, clocks and glasses, men's and women's apparels, accessories, knitted and textile products, footwear and hats, bags, children's apparels, toys, sports products, leisure products, stationeries, teas, pharmaceuticals, household electrical appliances, air conditioners, audio and video electronics, as well as communication devices, among others. Through its subsidiaries, it also engages in the household electrical appliance sales, hotel operation, as well as loan and guarantee businesses.
Hunan Friendship&Apollo Commercial Co.,Ltd. agreed to acquire a 41.5% stake in Hunan Shaoyang Friendship & Apollo Co., Ltd. from Shaoyang Ruiyang Real Estate Development Co., Ltd. for approximately CNY 500 million.
HUNAN FRIENDSHIP&APOLLO COMMERCIAL CO.,LTD. 
