Gelonghui December 24 丨Zhaobangji Properties (01660.HK) announced that on December 24, 2021, the buyer (an indirect wholly-owned subsidiary of the company) entered into sales agreements with various sellers (Xu Weizhen and Chen Jiazhen). Based on this, the seller conditionally agreed to the sale, and the buyer conditionally agreed to acquire the target companyShenzhen Bangshiji Interactive Network Co., LtdThe cost of all shares is RMB 3 million.

According to reports, the target company is a company established in accordance with Chinese law, which is mainly engaged in investment holding business. Its wholly-owned subsidiary operates a number of private label retail stores in shopping malls in Shenzhen, including playgrounds, cinemas, supermarkets and franchised brand electronics retail stores.

Although the target company's financial performance was affected by the COVID-19 pandemic the year before the purchase, the board saw a rapid recovery in its business driven by the strong retail consumer market in Shenzhen and thought the cost was worth the money.

After the acquisition is completed, the target company will become an indirect wholly-owned subsidiary of the company. Since these properties have been leased by the target group as their retail stores, and the directors believe that the properties are suitable for the target group's business, the director believes that it is fair and reasonable for the target group to enter into a lease agreement to ensure that the property is used at the current market rent to continue its business operations.