Wei Long Mei Wei (09985) announced that on June 20, 2024, the company entered into a supplemental joint venture agreement with He He Green Concept and He He Group Innovation, and agreed that Listco SPV 1, Listco SPV 2 and the controlling shareholder SPV shall subscribe to the newly issued 80,992,000 shares, 9,499,000 shares and 9,499,000 shares of ordinary shares of the joint venture company (Red Dragon International Holdings Limited) respectively, in proportion to their existing holdings in the joint venture company's operating income for 810 million yuan, 9.5 million yuan and 9.5 million yuan of the 10-30 billion yuan products respectively. Each subscription clause is the same. According to the supplementary joint venture agreement, Listco SPV 1 and Listco SPV 2 are not subject to any restrictions on the subsequent sale of the subscribed shares.
According to the announcement of Wise Finance App, Wei Long Mei Wei (09985) and He He Green Concept and He He Group Innovation signed a supplemental joint venture agreement on June 20, 2024. The contracting parties agree that Listco SPV 1, Listco SPV 2 and the controlling shareholder SPV shall subscribe to the newly issued 80,992,000 shares, 9,499,000 shares and 9,499,000 shares of ordinary shares of the joint venture company (Red Dragon International Holdings Limited) respectively in proportion to their existing holdings. The subscription price payable by Listco SPV 1 and Listco SPV 2 will be paid from the current internal resources of the group. After the shares are subscribed, the respective percentage of equity will remain unchanged, and the joint venture company will continue to be a subsidiary of the company, and its financial performance will continue to be included in the group's financial statements.
As of the date of this announcement, Listco SPV 1, Listco SPV 2 and the controlling shareholder SPV held 81.0%, 9.5% and 9.5% equity of the joint venture company respectively. After the stock subscription, the percentage of these holdings will remain unchanged, and the joint venture company will continue to be a subsidiary of the company, and its financial performance will continue to be included in the group's financial statements.
The subscription price payable by Listco SPV 1 and Listco SPV 2 will be paid from the current internal resources of the group.
It is reported that Listco SPV 1 and Listco SPV 2 are both limited companies established by the company under the laws of the British Virgin Islands, which invest in joint ventures and are wholly owned by the company as of the date of this announcement, and the main business is investment and control.
The joint venture company mainly invests and controls the production, and sales of leisure food and raw materials business overseas. The stock subscription is in line with the group's strategy of expanding overseas/international market business and investing in global snack food and raw material opportunities. The expansion is in line with the group's mission to make everyone in the world love Chinese flavor, which is crucial for the future development of the group's business.