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Zall Group(02098)buys 22% stake in Haishangxian
16 May 2018
(Infocast News) Zall Group (02098) announced that on 17 April 2018, Wuhan Zall Interconnection Tech Co., Ltd. (Zall Interconnection), a wholly-owned subsidiary of the Company (as the leading investor), Shenzhen Sinoagri E-commerce Co., Ltd.* (Shenzhen Sinoagri), a subsidiary of the Company, and other investors entered into an equity transfer and capital increase agreement with Ningbo Haishangxian Information Technology Co., Ltd. (Haishangxian), the existing shareholders of Haishangxian (Vendors) and the subsidiaries of Haishangxian in relation to the acquisition and subscription of the equity interest of Haishangxian.

Pursuant to the Equity Transfer and Capital Increase Agreement, Zall Interconnection agreed to (i) subscribe for 15% Haishangxian Equity Interest (as enlarged by the Subscription) from Haishangxian at a consideration of RMB90 million; and (ii) acquire 6% Haishangxian Equity Interest (as enlarged by the
Subscription) from the Vendors at an aggregate consideration of RMB27 million, and Shenzhen Sinoagri agreed to acquire 1% Haishangxian Equity Interest (as enlarged by the Subscription) from one of the Vendors at a consideration of RMB4.5 million. In addition, the other investors also agreed to subscribe
for an aggregate of 25% Haishangxian Equity Interest (as enlarged by the Subscription) at a total consideration of RMB150 million.

The Subscription and the Acquisition have been completed and Haishangxian is indirectly owned as to 22% by the Company.

Haishangxian is a limited company incorporated in the PRC which provides an integrated one-stop platform for seafood buyers and sellers. Such platform is designed to provide seafood buyers and sellers with maritime communications, trading platform, supply chain finance and related value-added services.

(SY)
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