Wuxi Commercial Building Group Dongfang Automobile Co., Ltd. agreed to acquire 44% stake in Shanghai Dongrui Insurance Agency Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. for CNY 1 million.
December 13, 2021
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Wuxi Commercial Building Group Dongfang Automobile Co., Ltd. agreed to acquire 44% stake in Shanghai Dongrui Insurance Agency Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. (SHSE:600327) for CNY 1 million on December 14, 2021. Post completion, Wuxi Commercial Building Group Dongfang Automobile will not hold any stake. As of September 30, 2021, total asset and net asset of Shanghai Dongrui Insurance Agency Co., Ltd. was CNY 33.38 million and CNY 1.28 million respectively. The transaction is approved by the eighth board of directors at the fourth extraordinary meeting of 2021.
Wuxi Commercial Mansion Grand Orient Co Ltd is a China-based company engaged in department store retail, catering and food, and medical and health businesses. The department store retail business is engaged in the sales and service of mid-to-high-end boutique department stores with the brand of Grand Orient Department Store. Its business model includes joint operation and self-operation. The catering and food business conducts its business under the brand of Sanfengqiao, and includes the production and sales of cooked meat and vegetarian food and gift foods, and catering operations of Sanfeng Restaurant and Sanfengqiao Ketangjian. The medical and health business is mainly engaged in hospital operation and the provision of medical services. The Company operates its businesses in the domestic market.
Wuxi Commercial Building Group Dongfang Automobile Co., Ltd. agreed to acquire 44% stake in Shanghai Dongrui Insurance Agency Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. for CNY 1 million.
WUXI COMMERCIAL MANSION GRAND ORIENT CO., LTD. 
