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毛记葵涌(01716)拟与HBL成立两个合营企业进军网上购物业务

Mao Ji Kwai Chung (01716) plans to establish two joint ventures with HBL to enter the online shopping business

智通財經 ·  Nov 19, 2021 23:16

According to the Zhitong Finance App, Mao Ji Kwai Chung (01716) announced that on November 19, 2021, MCBL (an indirect wholly-owned subsidiary of the company), HBL and HBL shareholders entered into a shareholder agreement to establish Mofarg, which mainly operates an online shopping platform (www.mofargo.com) to sell fashion and related products from overseas brands and set up Bad Ltd., which will mainly sell creative boxed gifts with a wide range of products on its online store (www.badltd.com) to add choice and interest to the public.

MCBL and HBL will each own 60% and 40% of the equity of the two joint ventures. The capital of HK$4 million will be invested by MCBL in cash and HK$1.6 million by HBL in cash.

According to the terms of Shareholders' Agreement 2, if Bad Ltd.'s working capital is insufficient to meet its general business operating needs and additional capital is required, McBL and HBL will each make reasonable efforts to provide shareholder loans not exceeding HK$2.4 million and HK$1.6 million respectively.

On November 19, 2021, the company's indirect wholly-owned subsidiary Blackpaper, HBL and HBL shareholders entered into an HBL loan agreement. Blackpaper has agreed to provide HBL with a back-to-back loan of HK$1.6 million with interest accrued at an annual interest rate of 1.5% to HBL, and only for HBL to provide HBL shareholder loans to BAD Ltd.

The announcement stated that in order to diversify its operations and revenue sources, the group plans to enter the online shopping business. Among them, the group can use its expertise to analyze consumer preferences, its overall coverage of target audiences and digital capabilities through data analysis to more effectively market products on the online stores of such joint ventures, and help establish the brand awareness of such joint ventures online stores through various marketing activities. Therefore, the directors believe that the Group's expertise is relevant and complementary to the operation of the online shopping business.

As far as the management of such joint ventures is concerned, MCBL is responsible for assisting in the design and marketing of the online stores of such joint ventures and the brand design of such joint ventures, while HBL is responsible for providing support for the joint ventures online stores, consulting and communicating with online merchants and customers, purchasing products sold by such joint ventures online stores, and managing the logistics and warehouse operations of such joint ventures. HBL shareholders have accumulated rich experience in operating and managing online shopping businesses through the operation of HBL affiliated companies, and will participate in the daily management and operation of such joint ventures.

The translation is provided by third-party software.


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