Hong Ba completed the acquisition of 20.85% stake in W&E Source Corp. from Maotang Bai, Yongsheng Liang, Qinrong Gao and Feng Li.
June 09, 2022
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Hong Ba entered into a Stock Purchase Agreement to acquire 20.85% stake in W&E Source Corp. (OTCPK:WESC) from Maotang Bai, Yongsheng Liang, Qinrong Gao and Feng Li for $2,712 on June 6, 2022. As per the terms of the transaction, Hong Ba shall acquire 27.1 million shares in W&E at $0.0001 per share. In a related transaction, Xingru Chen entered into a Stock Purchase Agreement to acquire 69.95% stake in W&E Source Corp. (OTCPK:WESC) from a group of shareholders for $9,100. Both transactions constitutes 90.80% of all of the issued and outstanding shares of capital stock of W&E with an an aggregate purchase price of $11,812.
Hong Ba completed the acquisition of 20.85% stake in W&E Source Corp. (OTCPK:WESC) from Maotang Bai, Yongsheng Liang, Qinrong Gao and Feng Li on June 8, 2022. JunJun Wu resigned as a member of the Board of Directors of W&E. Hong Ba shall continue to be a member of the Board of the Directors and as W&E's Chief Executive Officer and Chief Financial Officer. Also as a result of the transactions, Xingru Chen is appointed as a Director of the W&E.
W&E Source Corp. provides air ticket reservations, hotel reservations and other travel related services. The Company is engaged in services, such as airline and cruise ticketing, customized and packaged tours, travel blogs, travel magazines, sales of travel related merchandise, group hotel reservations, business travel arrangements, conference travel arrangements, car rental and admission ticket sale for local tourist attractions. It explores other business growth opportunities, regardless of industry, in order to diversify its business operations and investments. The Companyâs subsidiaries include Airchn Travel Global, Inc. in Seattle, Washington; Airchn Travel (Canada) Inc., in Vancouver, British Columbia in Canada and Airchn Travel (Beijing) Inc. in Beijing, China.