City Beauty And Tengfei Technology Joint Venture To Develop Smart Technology Clothing.

The city beauty board announced that in September 13, 2018, Guangdong urban beauty and Tengfei technology entered into a framework strategic cooperation agreement. Accordingly, the contractors intend to use their respective advantages to set up a joint venture company to develop, design, promote and sell smart technology clothing products.

The joint venture will be from Guangdong.

Holding 51% and Tengfei technology hold 49% stake, and the registered capital stock is RMB 20 million yuan, according to the equity ratio of the contracting parties.

The contracting parties will inject cash into the joint venture company.

The group will take advantage of the competitive advantage and strategic resources of the group in the retail management and the operation of the electricity supplier, and be responsible for the brand promotion and product sales of the joint venture company.

Based on its technological innovation and competitive advantage, it will be responsible for the product development and design of the joint venture, and authorize the joint venture to use smart underwear, intelligent heat resistant and free.

Technology patents.

At the same time,

We will supply high-quality technology underwear products to the joint venture company at a preferential price which is superior to that offered to other customers.

The specific terms of cooperation between the two sides depend on further negotiations between the two sides.

In addition, the urban beauty also announced that in September 13, 2018, 200 thousand shares were repurchased on the Hongkong exchange, which cost HK $692 thousand and 730, the average repo price was HK $3.4637, the highest repurchase price was HK $3.4800, and the minimum repurchase price was 3.4000 Hong Kong dollars.

So far, the total number of shares repurchased by the urban beauty has been 2 million 200 thousand shares so far (since the adoption of the ordinary resolution), accounting for 0.103% of the issued share capital when the ordinary resolution was adopted.