Shanghai Flyco Electrical Appliance Co., Ltd. agreed to acquire 12.38% stake in Shanghai Chunmi Electronic Technology Co., Ltd. from Tianjin Jinmi Investment Partnership Enterprise (L.P.), managed by Tianjin Jinxing Investment Co., Ltd. and Shunwei Ventures III (Hong Kong) Limited for approximately CNY 160 million ($22.78 million).
March 20, 2020
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Shanghai Flyco Electrical Appliance Co., Ltd. (SHSE:603868) agreed to acquire 12.38% stake in Shanghai Chunmi Electronic Technology Co., Ltd. from Tianjin Jinmi Investment Partnership Enterprise (L.P.), managed by Tianjin Jinxing Investment Co., Ltd. and Shunwei Ventures III (Hong Kong) Limited for approximately CNY 160 million ($22.78 million) on March 20, 2020. As part of the acquisition, Shunwei Ventures III (Hong Kong) Limited and Tianjin Jinxing Investment Co., Ltd. will sell 6.19% stake each in Shanghai Chunmi Electronic Technology Co., Ltd. After share acquisition, Shanghai Flyco Electrical Appliance Co., Ltd will subscribe to 3% newly increased registered capital of Shanghai Chunmi Electronic Technology Co., Ltd. Post the acquisition, Shanghai Flyco Electrical Appliance will hold 15% stake in Shanghai Chunmi Electronic Technology Co., Ltd, Shunwei Ventures III (Hong Kong) Limited and Tianjin Jinxing Investment Co., Ltd. will hold 12.8% stake and 10.23% stake in Shanghai Chunmi Electronic Technology Co., Ltd, respectively. As of September 30, 2019, Shanghai Chunmi Electronic Technology Co., Ltd. has a total assets of CNY 456.11 million and net assets of CNY 270.8 million.
Shanghai Flyco Electrical Appliance Co.,Ltd. is a China-based company, principally engaged in the research and development, manufacture and sales of personal care appliances. The Company's main products include electric shavers and hair dryers. The Company's products also include hair ball trimmers, electric irons, electric hair clippers, hair curlers, garment steamers, intelligent sweepers, among others. The Company distributes its products within domestic market and to overseas markets.
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD. 
