Jason Furniture Co.,Ltd. cancelled the acquisition of remaining 25% stake in Hangzhou Gujia Bedding Co., Ltd. from Ningbo Meishan Bonded Port Area Woju Equity Investment Management Partnership (Limited Partnership), Ningbo Meishan Bonded Port Area Leyu Investment Partnership (Limited Partnership) and Ou Yafei.
September 31, 2019
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Jason Furniture (Hangzhou) Co.,Ltd. (SHSE:603816) agreed to acquire remaining 25% stake in Hangzhou Gujia Bedding Co., Ltd. from Ningbo Meishan Bonded Port Area Woju Equity Investment Management Partnership (Limited Partnership), Ningbo Meishan Bonded Port Area Leyu Investment Partnership (Limited Partnership) and Ou Yafei for approximately CNY 250 million on September 1, 2018. Under the transaction, Jason Furniture will pay approximately CNY 100 million to acquire 10% stake from Ningbo Meishan Bonded Port Area Woju Equity Investment Management Partnership (Limited Partnership) and Ou Yafei respectively and will pay approximately CNY 50 million to acquire 5% stake from Ningbo Meishan Bonded Port Area Leyu Investment Partnership (Limited Partnership). Post transfer, no seller would hold any stake in Hangzhou Gujia. During the financial year ended December 2017, Hangzhou Gujia reported total assets of CNY 159.8 million, shareholders equity of CNY 107.8 million, revenue of CNY 383.8 million, operating cost of CNY 245.5 million and net profit of CNY 68.2 million. The transaction is subject to shareholders approval of Jason Furniture. As on September 1, 2018, transaction has been approved by the Board of Jason Furniture. On September 17, 2018, the transaction was approved by the shareholders of Jason Furniture (Hangzhou) Co.,Ltd.
Jason Furniture (Hangzhou) Co.,Ltd. (SHSE:603816) cancelled the acquisition of remaining 25% stake in Hangzhou Gujia Bedding Co., Ltd. from Ningbo Meishan Bonded Port Area Woju Equity Investment Management Partnership (Limited Partnership), Ningbo Meishan Bonded Port Area Leyu Investment Partnership (Limited Partnership) and Ou Yafei on September 1, 2019.
Jason Furniture (Hangzhou) Co., Ltd. is a China-based company and mainly engaged in research and development, design, manufacture and sales of soft furniture products used in sitting room and bedroom. The main products of the company include sofa, soft bed, dining chair, mattress and matching products. The Company distributes its products in domestic and to overseas markets.
Jason Furniture Co.,Ltd. cancelled the acquisition of remaining 25% stake in Hangzhou Gujia Bedding Co., Ltd. from Ningbo Meishan Bonded Port Area Woju Equity Investment Management Partnership (Limited Partnership), Ningbo Meishan Bonded Port Area Leyu Investment Partnership (Limited Partnership) and Ou Yafei.