Adult International (01957) announced that Lordan Group Ltd. (collectively known as “Dadao Group”) is a joint venture of the Group. On June 19, 2024, Daxin Group signed a corporate acquisition agreement with Beijing Yulong Shengshi Biotechnology Co., Ltd. (“Yulong Shengshi Biotechnology”), and Daxin Group agreed to acquire 51% of Yulong Shengshi Biotech's shares. The acquisition will be completed within 2 to 3 months from the date of the acquisition agreement.
Yulong Shengshi Biotechnology is a limited company established in China. As of the date of this announcement, Zhang Xiaonan owns the vast majority of its shares and is the ultimate beneficial owner of Yulong Shengshi Biotechnology. Yulong Shengshi Biotechnology is mainly engaged in clinical research and application business of cell therapy, including treatment of neurological diseases, diabetes and its complications, cancer, heart disease, and related technology and consulting services for sub-health repair and anti-aging.
Adult Group mainly engages in digital physical business and e-commerce transformation services in China, covering major Chinese cities such as Beijing, Hangzhou, Xiamen and Guangzhou, as well as local lifestyle services and comprehensive medical care. If the acquisition is implemented, the board of directors believes that the acquisition will help Dacheng Group expand its scope of business and diversify its business portfolio, and therefore may increase the Group's return on investment in Dazhan Group and the overall return to shareholders in the long run.
