Yotrio Group Co., Ltd. along with Hu Jincai, Wang Hongjie, Ke Youtao and Pan Shihai will jointly agree to acquire Ningbo Yize Daily Necessities Co., Ltd from Bao Xuefei for CNY 3.1 million.
June 28, 2021
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Yotrio Group Co., Ltd. (SZSE:002489) along with Hu Jincai, Wang Hongjie, Ke Youtao and Pan Shihai will jointly agree to acquire Ningbo Yize Daily Necessities Co., Ltd from Bao Xuefei for CNY 3.1 million on June 28, 2021. Yotrio Group, Hu Jincai, Wang Hongjie, Ke Youtao and Pan Shihai will acquire 65%, 11%, 5%, 9% and 10% stake of Ningbo Yize Daily Necessities and the parties have agreed that the transfer price of the underlying equity is determined with reference to the audit and evaluation results of Ningbo Yize. The acquisition plan is: the transferor agrees to transfer its 65% equity in Ningbo Yize that is CNY 2.01 million and later on Hu Jincai, Wang Hongjie, Ke Youtao and Pan Shihai agrees to pay CNY 340,670, CNY 154,850 and CNY 278,730 . Prior to this transaction, Bao Xuefei held 100% equity of Ningbo Yize Daily Necessities Co., Ltd and After the completion of this transaction, Ningbo Yize Daily Necessities Co., Ltdwill become the company's controlled subsidiary. the company Using its own funds for the acquisition. As of March 31, 2021, the total assets and net assets of Ningbo Yize Daily Necessities were CNY 87.3 million and CNY 3.1 million . For year ended December 31, 2020, The total revenue, Operating profit and Net profit was CNY 100 million, CNY 8.5 million and CNY 8.6 million respectively. This transaction will be subject to initial accounting treatment in accordance with the regulations for business combinations not under common control. Fifth Session of the Board of Directors deliberated and passed the proposal for acquisition of equity.
YOTRIO GROUP CO., LTD is a China-based company principally engaged in the design, research, development, manufacture and distribution of outdoor furniture and products. The Companyâs main products include outdoor furniture, sunshade series products, tent series products. The Company's products are mainly used in home gardens and terraces, outdoor leisure venues, hotels and other places. The Company is also involved in air ticket distribution, travel distribution and travel agency operation businesses. The Company distributes its products in domestic market and to overseas markets.
Yotrio Group Co., Ltd. along with Hu Jincai, Wang Hongjie, Ke Youtao and Pan Shihai will jointly agree to acquire Ningbo Yize Daily Necessities Co., Ltd from Bao Xuefei for CNY 3.1 million.