A-Zenith Home Furnishings Co., Ltd. cancelled the acquisition of Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe.
June 21, 2020
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A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) agreed to acquire Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe for CNY 1 billion on January 5, 2020. A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) plans to pay not more than 60% in shares and the rest in cash. Bai Xiangfeng will sell 90% and Liu Youhe 10%. A-Zenith Home Furnishings Co., Ltd. plans to raise supporting funds with total proceeds of not more than 100% of the acquisition price by issuing not more than 20% of total share capital to not more than 10 investors. As of December 31, 2019, Lianyungang Jinmei Smart Home Co., Ltd. recorded a turnover of CNY 293 million, total assets of CNY 155 million. The transaction has been approved by board of A-Zenith Home Furnishings Co., Ltd. and shareholders of Lianyungang Jinmei Smart Home Co., Ltd. The transaction is subjected to approval from A-Zenith Home Furnishings Co., Ltd. shareholders approval and CSRC.
A-Zenith Home Furnishings Co., Ltd. (SHSE:603389) cancelled the acquisition of Lianyungang Jinmei Smart Home Co., Ltd. from Bai Xiangfeng and Liu Youhe on June 22, 2020.
A-Zenith Home Furnishings Co Ltd is a China-based company mainly engaged in the production and sales of furniture products. The Company is mainly engaged in the research and development, production and sales of mid-to-high-end Shanghai-style classic and Shanghai-style modern furniture products. The Company's main products include A-Zenith, AZ 1865, AZ Maxform and WOODFORM brand series of movable furniture, Yazhen Customization whole-house customized home solutions integrating Yazhen brand movable furniture, as well as AZ HOME home supporting products. The Company's home products series include cabinets, bed sets, tables, chair frames and sofas. The Company mainly conducts its businesses in the domestic market.