A-Zenith Home Furnishings Co., Ltd. cancelled the acquisition of Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe.
June 21, 2020
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A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) agreed to acquire Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe for CNY 1 billion on January 5, 2020. A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) plans to pay not more than 60% in shares and the rest in cash. Bai Xiangfeng will sell 90% and Liu Youhe 10%. A-Zenith Home Furnishings Co., Ltd. plans to raise supporting funds with total proceeds of not more than 100% of the acquisition price by issuing not more than 20% of total share capital to not more than 10 investors. As of December 31, 2019, Lianyungang Jinmei Smart Home Co., Ltd. recorded a turnover of CNY 293 million, total assets of CNY 155 million. The transaction has been approved by board of A-Zenith Home Furnishings Co., Ltd. and shareholders of Lianyungang Jinmei Smart Home Co., Ltd. The transaction is subjected to approval from A-Zenith Home Furnishings Co., Ltd. shareholders approval and CSRC.
A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) cancelled the acquisition of Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe on June 22, 2020.
A-Zenith Home Furnishings Co., Ltd., formerly A-Zenith Furniture Co., Ltd., is a China-based company principally engaged in the research, design, manufacture and distribution of furniture products. The Company mainly operates its business under the brand name of A-Zenith, LVY and GEORGIAN. Its products mainly include cupboards, beds, tables, chairs, as well as sofas, among others. The Company distributes its products within domestic market and to overseas markets.