Ningxia Minsheng Real Estate Development Co., Ltd. agreed to acquire remaining 49% stakes in Ningxia Jiutian Technology Co., Ltd. from Yinchuan Xinhua Commercial Co., Ltd. for CNY 138.8 million.
Ningxia Minsheng Real Estate Development Co., Ltd. agreed to acquire remaining 49% stakes in Ningxia Jiutian Technology Co., Ltd. from Yinchuan Xinhua Commercial (Group) Co., Ltd. (SHSE:600785) for CNY 138.8 million on August 22, 2022. The transaction is subject to approval of merger agreement by Ningxia Jiutian Technology Co., Ltd board. As of August 22, 2022 board approved the deal.
As on September 26, 2022, Yinchuan Xinhua Commercial shareholders have approved the deal. For the period ended on July 31, 2022 reported total assets and net assets of CNY 460.262699 million and CNY 105.066434 million.
Yinchuan Xinhua Commercial Group Co Ltd is a China-based company mainly engaged in retail, logistics and commercial property leasing. The retail business mainly involves department stores, shopping centers, supermarket chains, electrical appliances and telecommunications chains. The Company's businesses cover the entire Ningxia region and Inner Mongolia, Shaanxi, Gansu, Qinghai and other provinces.
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Ningxia Minsheng Real Estate Development Co., Ltd. agreed to acquire remaining 49% stakes in Ningxia Jiutian Technology Co., Ltd. from Yinchuan Xinhua Commercial Co., Ltd. for CNY 138.8 million.
