[ET Net News Agency, 17 July 2018] China Youzan (08083) said the company and an
investor Franchise Fund Limited entered into the subscription agreement with Qima Holdings
in relation to the subscription of 21 million Qima shares and 7 million Qima shares
respectively, in the respective consideration of US$30 million and US$10 million.
Upon completion, the company will hold 51.48% (was 51%) of the total issued shares of
Qima Holdings.
Franchise Fund held 17.6 million Qima Shares, representing 1.28% of the issued shares.
Upon completion, Franchise Fund will hold 24.6 million Qima Shares, representing 1.75% of
the issued shares.
Qima Holdings and its subsidiaries are principally engaged in the e-commerce business
which provides a variety of online and offline solutions and services in relation to
virtual wholesaling and retailing in the PRC.
The company said additional capital is required for further expansion and to strengthen
the competitiveness of Qima Group in order to cope with the rapid development of the
e-commerce industry in the PRC. (SC)