Shanghai Shanrui Investment Co., Ltd. signed a Shanghai property rights transaction contract to acquire additional 8.2% stake in SandPay Network Service Development Co., Ltd. from Shanghai Qiangsheng Holding CO.,Ltd. for approximately CNY 240 million.
January 25, 2019
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Shanghai Shanrui Investment Co., Ltd. signed a Shanghai property rights transaction contract to acquire an additional 8.2% stake in SandPay Network Service Development Co., Ltd. from Shanghai Qiangsheng Holding CO.,Ltd. (SHSE:600662) for approximately CNY 240 million on January 25, 2019. A 30% of the transactional price will be paid within 5 days since signing of the equity transfer agreement. The rest of the price will be paid within 12 months since acquisition of the transaction certificate. In a related transaction, Shanghai Shanrui Investment increased its stake in SandPay Network Service Development from 10.72% stake to 14.13% stake by acquiring shares of Sui Yingpeng on January 26, 2019. The transaction was approved by the 13th meeting of the 9th directorate and the 2018 1st extraordinary shareholders’ meeting of Shanghai Qiangsheng Holding. On February 14, 2019, Shanghai Qiangsheng Holding Co., Ltd. received the first payment of CNY 71.99 million. On February 19, 2019, Shanghai Qiangsheng Holding Co., Ltd. received the second payment of CNY 88 million. On February 12, 2020, Shanghai Qiangsheng Holding Co., Ltd. received the remaining payment of CNY 79.99 million and interest of CNY 3.48 million.
Shanghai Foreign Service Holding Group Co Ltd is a China-based company principally engaged in the provision of comprehensive human resources services. The Company is mainly engaged in five businesses. The personnel management business includes personnel policy consultation, personnel agency, statutory social insurance agency and employment and withdrawal management. The talent dispatch business includes comprehensive supporting services such as personnel administration, salary and welfare related to dispatched employees. The salary and welfare business includes payroll management services, health management services, and commercial welfare services. The recruitment and flexible employment business includes flexible employment services, mid-to-high-end talent search services and recruitment process outsourcing services. The business outsourcing business includes business process outsourcing services with the management of outsourced personnel as the core.
Shanghai Shanrui Investment Co., Ltd. signed a Shanghai property rights transaction contract to acquire additional 8.2% stake in SandPay Network Service Development Co., Ltd. from Shanghai Qiangsheng Holding CO.,Ltd. for approximately CNY 240 million.
SHANGHAI FOREIGN SERVICE HOLDING GROUP CO., LTD. 
