Hainan Jiantong Investment Management Co., Ltd. cancelled the acquisition of 17.4% stake in HaiNan Yedao Co., Ltd. from Haikou City State-owned Assets Management Co., Ltd.
January 17, 2019
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Hainan Jiantong Investment Management Co., Ltd. signed a transfer agreement to acquire 17.4% stake in HaiNan Yedao (Group) Co., Ltd. (SHSE:600238) from Haikou City State-owned Assets Management Co., Ltd. on December 24, 2018. As per the terms, Hainan Jiantong Investment Management shall acquire 78.74 million shares of HaiNan Yedao. As of December 26, 2018, the Provincial State Assets Supervision and Administration Commission approved the termination of the performance of the equity transfer and related matters concerning the termination of the agreement are being processed.
Hainan Jiantong Investment Management Co., Ltd. cancelled the acquisition of 17.4% stake in HaiNan Yedao (Group) Co., Ltd. (SHSE:600238) from Haikou City State-owned Assets Management Co., Ltd. on December 26, 2018. Due to the lack of approval from the relevant state-owned authorities, Haikou City State-owned Assets Management issued a letter to Hainan Jiantong on December 26, 2018 to cancel the agreement. As of January 29, 2019, Hainan Jiantong Investment Management Co., Ltd. expressed objection to the reasons and resolutions of the Haikou State-owned Assets agreement and agreed to cancel the share transfer agreement signed by both parties.
Hainan Yedao Group Co Ltd is a China-based company that mainly engages in the production and sales of alcoholic products. The Company's business is operated through four major segments: Alcohol Production and Sales, Trade, Food and Beverages, and Others. The Company's main product matrix layout is based on the nourishing Coconut Island Deer and Turtle Wine, the light-keeping Coconut Island Neptune Wine, and the origin-brewed craft liquor. The main products include Deer and Turtle Wine, Neptune Wine, and Maotai-flavored liquor. In addition, the Company has laid out the coconut milk ecological beverage and soft drink (non-carbonated) business. The Company mainly operates its business in the domestic market.
Hainan Jiantong Investment Management Co., Ltd. cancelled the acquisition of 17.4% stake in HaiNan Yedao Co., Ltd. from Haikou City State-owned Assets Management Co., Ltd.
HAINAN YEDAO (GROUP) CO.,LTD 
