Chongqing Department Store Co.,Ltd. agreed to acquire Chongqing General Trading Company Limited from Tianjin Binhai New Area Wumei Jinrong Trading Company, Shenzhen Better Life Smart Retail Co., Ltd, Chongqing Yufu Holding Group Co.,Ltd, Chongqing Shangshe Huilong Enterprise Management Consulting Partnership (Limited Partnership), and Chongqing Shangshe Huixing Enterprise Management Consulting Partnership (Limited Partnership) for CNY 5.7 billion.
December 21, 2022
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Chongqing Department Store Co.,Ltd. (SHSE:600729) agreed to acquire Chongqing General Trading (Group) Company Limited from Tianjin Binhai New Area Wumei Jinrong Trading Company, Shenzhen Better Life Smart Retail Co., Ltd, Chongqing Yufu Holding Group Co.,Ltd, Chongqing Shangshe Huilong Enterprise Management Consulting Partnership (Limited Partnership), and Chongqing Shangshe Huixing Enterprise Management Consulting Partnership (Limited Partnership) for CNY 7.6 billion on December 21, 2022. Under the terms, Chongqing Department Store will issue domestically listed CNY A-share ordinary shares for the transaction. Group of sellers include; Chongqing Yufu Holding Group Co.,Ltd, Tianjin Binhai New Area Wumei Jinrong Trading Company, Shenzhen Better Life Smart Retail Co., Ltd, Chongqing Shangshe Huilong Enterprise Management Consulting Partnership (Limited Partnership) and Chongqing Shangshe Huixing Enterprise Management Consulting Partnership (Limited Partnership). For the period September 30, 2022, Chongqing General Trading had CNY 1.87130425 million of total assets and CNY 0.58524435 million of Owners' equity,China Merchants Securities Co., Ltd acted as financial advisor to Chongqing General Trading. Jun He Law Offices acted as legal advisor and Pan-China Certified Public Accountants LLP acted as Accountant to Chongqing Department Store Co.,Ltd. (SHSE:600729).
Transaction has been reviewed and approved by Chongqing Department Store's board. Transaction has been reviewed and approved by the board and shareholders of Chongqing General Trading (Group). Transaction is subject to approval of China Securities Regulatory Commission and by the Anti-monopoly Bureau of the State Administration for Market Regulation. The transaction is approved in the 3rd Extraordinary Shareholders Meeting, 2023 of Chongqing Department held on May 26, 2023.
Chongqing Department Store Co Ltd is a China-based company mainly engaged in the department store and supermarket business. The Company's segments include Department Stores Segment, Supermarkets Segment, Electrical Appliances Segment, Automobile Trading Segment and Real Estate and Engineering Segment. The Company's business involves comprehensive department stores, shopping malls, boutique supermarkets, supermarkets, electrical appliance stores, automobile trade brand stores and others. The Company owns trademarks and commercial brands such as âChongqing Department Store', New Century Department Store', 'Shangshe Electrical Appliancesâ, and âShangshe Automobile Tradeâ. The Company operates its business in domestic market.
Chongqing Department Store Co.,Ltd. agreed to acquire Chongqing General Trading Company Limited from Tianjin Binhai New Area Wumei Jinrong Trading Company, Shenzhen Better Life Smart Retail Co., Ltd, Chongqing Yufu Holding Group Co.,Ltd, Chongqing Shangshe Huilong Enterprise Management Consulting Partnership (Limited Partnership), and Chongqing Shangshe Huixing Enterprise Management Consulting Partnership (Limited Partnership) for CNY 5.7 billion.