Addentax Group acquires Dongguan Hongxiang for ~RMB 3.19M in cash or shares

ADDENTAX GROUP CORP.

Acquires 100% equity of Dongguan Hongxiang Commercial Co., Ltd. for RMB 3,190,684.
Target est. 2020, registered capital RMB 20M, paid-in RMB 5.03M; sells clothing, electronics, cosmetics.
Deal funded via cash on hand; closing by June 9, 2023.
If cash unpaid, target will use proceeds to buy Addentax parent shares as consideration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ADDENTAX GROUP CORP. entered into Agreement with Dongguan Hongxiang Commercial Co., Ltd. valued at approximately RMB3.2 million (effective 2023-06-09).

Action: entry
Agreement: asset purchase
Counterparty: Dongguan Hongxiang Commercial Co., Ltd.
Value: approximately RMB3.2 million
Effective: 2023-06-09

Exact text from the filing

On June 9, 2023, Addentax Group Corp. (the “Company”), through itself or its designated entity (the “Buyer”), entered into a share purchase agreement (the “Agreement”) to acquire Dongguan Hongxiang Commercial Co., Ltd.’s entire equity with the relevant sellers

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ADDENTAX GROUP CORP. filing history →

Source: SEC EDGAR

accession 0001493152-23-021080

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