Start Limited By Share Ltd To Terminate The Acquisition Of Zhui Technology Equity

Start Limited by Share Ltd (hereinafter referred to as "start shares") issued a notice on the termination of the company's major asset reorganization, announced the termination of the acquisition of Shenzhen Ze Hui Technology Co., Ltd. (hereinafter referred to as "Ze Hui technology") stake.

Starting stock is a company specializing in design, research, development, production, purchase and sale of children's shoes, children's wear and children's clothing accessories. Its brand "ABCKIDS", as a well-known brand in the domestic children's products industry, mainly focuses on the mid end market. It adopts distribution mode combined with direct, online and offline sales. Among them, the online part mainly cooperates with e-commerce platforms such as Tmall and Jingdong mall.

Zhui technology was established in 2003. Its headquarters is located in Shenzhen, Guangdong, Zhongshan, Guangdong, Changsha and Hunan. It has warehouses in Shenzhen, Dongguan, Eastern and western United States. Ze Hui technology is one of the early batch of enterprises entering the cross-border electricity export business in China. Cross border electricity business will Shenzhen Bantian's five well-known cross-border electricity supplier enterprises to become "Bantian five tigers", and Ze Hui technology is one of the "Bantian five tigers".

Public information shows that at present, Zhui technology has entered many platforms including eBay, Amazon, speed sell, Wish, WAL-MART, Shopee and so on, covering more than 180 countries and regions in the world. Its products cover clothing, shoes and hats, beauty and makeup, 3C electronics, mobile phone peripheral computers, mother and baby toys, pet products, outdoor sports, home department stores and so on. It has hundreds of thousands of products and more than 50 private brands.

This year, it was reported that starting shares issued a notice on suspension of major asset restructuring in April 23rd, saying it intends to acquire zhe Hui technology 88.5714% stake in the issue of shares, convertible bonds and cash payment. Starting shares were signed in April 21, 2019 with Zhui technology and its shareholders Liu Zhiheng, Ma Xiuping, Shenzhen Changyu Consulting Management Center (limited partnership), Longyan Hao Jia equity investment partnership (limited partnership), signed the "framework agreement on Shenzhen Zhui Technology Co., Ltd.".

In the announcement of the termination, the initial shares said that because the two sides could not reach agreement on some important spanaction terms in the spanaction plan, the major asset reorganization has not been able to continue to push forward. The company believes that there is great uncertainty in continuing to push forward this major asset reorganization. The two parties agreed to terminate the spanaction through friendly negotiation. The major asset restructuring has not yet been deliberated by the shareholders' meeting. The major asset restructuring plan has not yet entered into force. The termination of this major asset reorganization has no substantive impact on the company, and the termination of this major asset reorganization does not constitute a breach of any party, and the parties bear no responsibility for breach of contract.

It is reported that the initial shares have been filed with the Shanghai branch of China Securities Depository and Clearing Co., Ltd., and will be reported on the Shanghai stock exchange after obtaining the spanaction data and completing the relevant self-examination.

Starting shares will be held in June 17, 2019 on the "flush online roadshow interactive platform" to hold an investor briefing. At the same time, the company will interact with and communicate with investors on the specific circumstances of the company's termination of the spanaction.