Shanghai Aj Group Co.,Ltd cancelled the acquisition of 10% stake in Huagui Life Insurance Company Limited from Tibet Ku Ai Communication Co., Ltd.
February 02, 2023
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Shanghai Aj Group Co.,Ltd (SHSE:600643) enteretd into Share Transfer Agreement acquire 10% stake in Huagui Life Insurance Company Limited from Tibet Ku Ai Communication Co., Ltd. for CNY 130 million on January 17, 2022. As of March 23, 2022, Shanghai Aj has paid the second transfer price to Kuai Communications on March 22, 2022. The equity transfer price of RMB 128 million involved in this transaction has been fully paid. The deal is subject to approval from Shanghai Aj Group Co.,Ltd (SHSE:600643) board and shareholders. As of January 17, 2022 Shanghai Aj Group Co.,Ltd (SHSE:600643) board approved the deal. The transaction is subject to China Banking and Insurance Regulatory Commission?s approval. As of December 31, 2021 Huagui Life Insurance Company Limited recorded the assets of CNY 7.4 billion, net assets of CNY 660 million, EBIT of CNY 1.2 billion and net profit of CNY 31 million.
Shanghai Aj Group Co.,Ltd (SHSE:600643) cancelled the acquisition of 10% stake in Huagui Life Insurance Company Limited from Tibet Ku Ai Communication Co., Ltd. on February 3, 2023. Up to now, it has been 12 months since the agreement came into effect, and the above-mentioned equity transfer has not yet been completed, so after friendly negotiation between the two parties, it was decided to terminate the agreement.
SHANGHAI AJ GROUP CO.,LTD., formerly Shanghai AJ Corporation, is principally engaged in investment trust service, international trading, and real estate management business. Through its subsidiaries, the Company primarily investment its assets in real estates, and involves in the import and export of merchandises, as well as the management and leasing of real estate. The Company operates its businesses primarily in Eastern China and Hong Kong, with Eastern China as its major market.