Yangtze River Economy United Development Co., Ltd. agreed to acquire 72.85% stake in Shanghai Lushang Freight Exchange Center Co., Ltd from Y.U.D.Yangtze River Investment Industry Co.,Ltd. for CNY 87.4 million.
April 28, 2021
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Yangtze River Economy United Development (Group) Co., Ltd. agreed to acquire 72.85% stake in Shanghai Lushang Freight Exchange Center Co., Ltd from Y.U.D.Yangtze River Investment Industry Co.,Ltd. (SHSE:600119) for CNY 87.4 million on April 29, 2021. As of June 5, 2021, the parties have recently signed the "Shanghai Property Rights Transaction Contract" for the transfer of the equity and related creditor rights of Shanghai Lushang Freight Exchange Center and has received the relevant "Proof of Property Rights Transaction" issued by Shanghai United Property Rights Exchange Co., Ltd. As reported, Y.U.D.Yangtze River Investment Industry Co. will transfer 72.85% stake in Shanghai Lushang Freight Exchange Center Co. for CNY 1 and CNY 217 million of debt for CNY 87.4 million. Yangtze River Economy United Development shall pay the entire property rights transaction price of CNY 1 in one lump sum to the bank account designated by Y.U.D.Yangtze River Investment Industry within 5 working days from the day after the effective date of this contract.
For the year ended December 31, 2020, Shanghai Lushang Freight Exchange Center Co. reported revenue of CNY 0.002 million, net profit of CNY total assets of CNY 137 million, net liabilities of CNY 138.9 million. The transaction is subject to shareholders' approval of Y.U.D.Yangtze River Investment Industry Co. The transaction has been approved at the 3rd Meeting of 8th Directorate of Y.U.D.Yangtze River Investment Industry Co.,Ltd. held on April 27, 2021.
Y.U.D.Yangtze River Investment industry Co.,Ltd. is a China-based company principally engaged in supply chain management and logistics business. The Company is mainly involved in the research and construction of public information and trading platforms of logistics, which provide information, technology and related logistics services. The Company mainly operates its business in Mainland China and Hong Kong markets.
Yangtze River Economy United Development Co., Ltd. agreed to acquire 72.85% stake in Shanghai Lushang Freight Exchange Center Co., Ltd from Y.U.D.Yangtze River Investment Industry Co.,Ltd. for CNY 87.4 million.