According to the agreement, the subscriber conditionally agreed to acquire the subscribed shares, and Haobainian Home conditionally agreed to issue the subscribed shares at a total subscription price of RMB 522 million (equivalent to HK$ 656 million). Upon completion, the subscribed shares will account for 75% of the issued share capital of Bainian Home after the subscription shares are issued.
According to the announcement, as South China City of Nanning will fully decide the proportion of Nanning properties that have been injected into home ownership for hundreds of years, that is, several trading center properties located at No.56 Shajing Avenue, Jiangnan District, Nanning City, Guangxi Zhuang Autonomous Region, China, the subscription price will be adjusted accordingly, and the cash payment of the subscription price shall not be less than 30% of the subscription price, that is, RMB 65,438+57 million (about HK$ 65,438+96.9)
The subscription price was determined after fair negotiation between Nanning South China City and Haobainian Home Furnishing Co., Ltd., taking into account the net assets of Haobainian Home Furnishing Co., Ltd., its business prospects and its goodwill in the industry. The subscription price will be allocated from the internal resources of South China City.
It is reported that the company is mainly engaged in the operation of home squares that provide high-quality home products and decorations in China.
South China City said that the company is mainly engaged in the development and operation of large-scale integrated commercial logistics and commodity trading centers in China. It is planned to set up home decoration business in projects in different locations in China. The acquisition of Centennial Home (operating nine home plazas in six cities in China) will enable the Group to develop home decoration business immediately; Incorporating the home furnishing business for hundreds of years into the comprehensive commercial logistics and commodity trading center currently operated by the Group will accelerate the pace of increasing home furnishing business for the Group's projects in different locations in China.