Wangfujing Group Co., Ltd. cancelled the acquisition of Kaiyuan Commerce Co., Ltd. from Xi'an International Medical Investment Company Limited.
May 04, 2017
Share
Wangfujing Group Co., Ltd. (SHSE:600859) proposed to acquire Kaiyuan Commerce Co., Ltd. from Xi'an International Medical Investment Company Limited (SZSE:000516) on December 9, 2016. Wangfujing Group Co., Ltd. signed framework agreement on Februray 15, 2017. As of December 31, 2015, Kaiyuan Commerce Co., Ltd. reported total assets of CNY 2.1 billion and in 2015, operating income of CNY 3.4 billion and net profits of CNY 143 million. The transaction was approved by the Board of Wangfujing Group Co., Ltd. in the 37th session of the 8th directorate meeting on December 9, 2016. The transaction is subject to the approval and authorization of Wangfujing Group Co.'s Board of Directors and shareholders, as well as the approval and consent of the responsible regulatory authority.
Wangfujing Group Co., Ltd. (SHSE:600859) cancelled the acquisition of Kaiyuan Commerce Co., Ltd. from Xi'an International Medical Investment Company Limited (SZSE:000516) on May 5, 2017.
Wangfujing Group Co., Ltd., formerly Beijing Wangfujing Department Store (Group) Co., Ltd., is a China-based company, principally engaged in general merchandise retailing business. The Company operates and manages general department stores, which deal with commodities such as apparels, food, footwear, hats, cosmetics, bedding products and general merchandise, among others. The Company is also engaged in the property leasing business. The Company operates its business through domestic markets.
WANGFUJING GROUP CO., LTD. 
