Guangzhou Puhuiyuan Trade Co., Ltd. won the bid to acquire 2.2% stake in Modern Avenue Group Co., Ltd. from Lin Yongfei for CNY 27.6 million.
May 11, 2020
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Guangzhou Puhuiyuan Trade Co., Ltd. won the bid to acquire 2.2% stake in Modern Avenue Group Co., Ltd. (SZSE:002656) from Lin Yongfei for CNY 27.6 million on May 9, 2020. As reported, Guangzhou Puhuiyuan Trade Co., Ltd will acquire 15.6 million shares in Modern Avenue Group under the auction. In related transactions, Guangzhou Puhuiyuan Trade Co., Ltd. also won the bid to acquire 4.5% stake in Modern Avenue Group Co., Ltd. from Lin Yongfei for CNY 56.7 million and 2.5% stake in Modern Avenue Group Co., Ltd from Weng Wuqiang for CNY 31.3 million on May 9, 2020.
Modern Avenue Group Co., Ltd., formerly Guangzhou CANUDILO Fashion & Accessories Co.,Ltd., is principally engaged in the research, development, design, brand marketing and retail management of men's clothing. The Company's men's clothing products consist of business series and vacation series, including suits, shirts, jackets, wind coats, pants, fur coats, cotton coats, leather products and accessories, among others. The Company is also involved in agent sale of garments, cases and leather products under international brands. Through its subsidiaries, the Company is also engaged in the research, development and manufacturing of mobile application products.
MODERN AVENUE GROUP CO., LTD. 
