Red Bean Purchase 100% Stake In Red Bean Jacket

Hongdun shares and holding subsidiary Hongdun estate bought 100% stake in red bean jacket and 40% stake in Hongdi real estate respectively. The purchase amount was 8 million 181 thousand and 400 yuan and 20 million yuan respectively. This paction optimized the company's clothing product structure and accords with the needs of company's operation and development.

Hong Kong 600400:5.14 (-0.18, -3.38) announced in June 19th that in order to strengthen the main garment industry, optimize the product structure and speed up the construction of chain monopoly system, the company signed a share pfer agreement with red bean group limited in June 14, 2010.

Under the above agreement, the company will acquire 100% of the red bean jacket held by the red bean group.

At the same time, in order to develop and manage real estate projects more rationally and effectively, the company's holding subsidiary red bean home and Jiangsu red bean International Development Co., Ltd. signed the equity pfer agreement in June 14, 2010.

According to the above agreement, Hongda real estate will acquire 40% stake in Hongdi International Holdings held by Hongdu. After the completion of the acquisition, the ownership of red bean home ownership will be changed from 60% to 100%.

The purchase amount was 8 million 181 thousand and 400 yuan and 20 million yuan respectively.

The company said that the company is now vigorously developing the chain monopoly system, in order to foster new profit growth points, strengthen the main garment industry, further speed up the construction of the monopoly chain system, and the company acquired the equity of red bean jacket.

The related paction has optimized the company's clothing product structure, which is in line with the needs of the company's operation and development.

In addition, in order to develop and manage the real estate projects more rationally and effectively, Hongda real estate acquired 40% of the shares of Hongdi real estate.

After the completion of the acquisition, Hongdi real estate is a wholly-owned subsidiary of Hongda home, which is in line with the needs of the company's operation and development.