Yonghui Superstores Co., Ltd. completed the acquisition of 12% stake in Chengdu Hongqi Chain Co.,Ltd. from Cao Shiru and Cao Cengjun.
January 01, 2018
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Yonghui Superstores Co., Ltd. (SHSE:601933) agreed to acquire 12% stake in Chengdu Hongqi Chain Co.,Ltd. (SZSE:002697) from Cao Shiru and Cao Cengjun for approximately CNY 950 million on December 22, 2017. On December 24, 2017, an agreement was signed. As per the terms of the transaction, Yonghui Superstores Co., Ltd. agreed to acquire 163.2 million shares of Chengdu Hongqi Chain Co.,Ltd at the price of CNY 5.8 per share. Pursuant to the agreement, Yonghui Superstores Co., Ltd. will acquire 10.5% stake from Cao Shiru and 1.5% stake from Cao Cengjun. Cao Shiru's stake in Chengdu Hongqi Chain Co.,Ltd. will decrease to 32% from 42.5% and Cao Cengjun's stake in Chengdu Hongqi Chain Co.,Ltd. will decrease to 4.7% from 6.2%. As of January 2, 2018, the transaction was approved by the Board of Directors of Yonghui Superstores Co., Ltd.
Yonghui Superstores Co., Ltd. (SHSE:601933) completed the acquisition of 12% stake in Chengdu Hongqi Chain Co.,Ltd. (SZSE:002697) from Cao Shiru and Cao Cengjun on January 2, 2018.
Chengdu Hongqi Chain Co., Ltd. is a China-based company principally engaged in the operation of regular chain supermarkets. The Company mainly provides daily-used products, cigarettes, wines, food, grains, oil, beverages, clothing, shoes, hats and textiles and others. The Company also provides autobus card recharging service, ticket consignment service, payment of telecommunication and natural gas fee, as well as electronic payment service. The Company conducts its businesses mainly in Sichuan Province, China.
CHENGDU HONGQI CHAIN CO.,LTD. 
