Guangzhou Holike Creative Home Co.,Ltd. completed the acquisition of 51% stake in Hubei Qianchuan Doors & Windows Co., Ltd. from Luo Zhengren, Yang Qin, Luo Baitao, and Luo Baiyang.
November 15, 2020
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Guangzhou Holike Creative Home Co.,Ltd. (SHSE:603898) entered into a framework agreement to acquire 51% stake in Hubei Qianchuan Doors & Windows Co., Ltd. from Luo Zhengren, Yang Qin, Luo Baitao, and Luo Baiyang for approximately CNY 830 million on July 31, 2020. Guangzhou Holike Creative Home Co.,Ltd. signed an equity transfer agreement to acquire 51% stake in Hubei Qianchuan Doors & Windows Co., Ltd. from Luo Zhengren, Yang Qin and and Luo Baiyang for CNY 700 million on October 19, 2020. As per terms, Luo Zhengren will receive CNY 463.2 million for 33.75% stake transfer; Yang Qin and Luo Baiyang will receive CNY 118.38 million for 8.625% stake transfer each. As per terms of the consideration, CNY 350 million shall be paid after the agreement comes into effect and all the payment conditions for the equity transfer payment are fulfilled, and within five (5) working days after the co-managed account is opened; remaining CNY 350 million shall be paid Within five (5) working days after the approval notice of the target company's industrial and commercial change. The consideration will be paid in cash and will be financed through the own funds of Guangzhou Holike Creative Home Co.,Ltd. Upon completion, Hubei Qianchuan Doors & Windows Co., Ltd. will become the controlled subsidiary of Guangzhou Holike Creative Home Co.,Ltd. As of June 30, 2020, Hubei Qianchuan Doors & Windows Co., Ltd. reported total assets of CNY 675.9 million and net assets of CNY 189.6 million. The signing of this agreement has been reviewed and approved at the 37th meeting of the third directorate of Guangzhou Holike Creative Home Co.,Ltd.
Guangzhou Holike Creative Home Co.,Ltd. (SHSE:603898) completed the acquisition of 51% stake in Hubei Qianchuan Doors & Windows Co., Ltd. from Luo Zhengren, Yang Qin, Luo Baitao, and Luo Baiyang on November 16, 2020. After transaction Guangzhou Holike holds 51% stake and Luo Baitao holds 49% stake.
Guangzhou Holike Creative Home Co., Ltd. is principally engaged in design, research and development, manufacture and sales of whole house customization households and related occasional furniture. The Company's main products include whole wardrobes, whole cloakrooms, whole bookcases, whole television arks, whole wine cabinets, tatamis and other related occasional products. The Company distributes its products in China.
Guangzhou Holike Creative Home Co.,Ltd. completed the acquisition of 51% stake in Hubei Qianchuan Doors & Windows Co., Ltd. from Luo Zhengren, Yang Qin, Luo Baitao, and Luo Baiyang.