Red Star Macalline Group Corporation (601828.SH) announced that the company plans to hold a controlling stake in Tianjin Xinmei Enterprise Management Partnership Enterprise (Limited Partnership) and its subsidiary, Xiamen Xinmei Enterprise Management Consulting Co., Ltd. (Xiamen Xinmei) as the financing subject of this financing plan.
According to reports, Tianjin Xinmei was jointly established by China Cinda Asset Management Co., Ltd. Guangdong Branch ("China Cinda"), Cinda Capital Management Co., Ltd. ("Cinda Capital", collectively referred to as "Cinda Party"), and the wholly-owned subsidiary of the company, Shanghai Xingkaichengpeng Enterprise Management Co., Ltd. ("Xingkaichengpeng"). Among them, Xingkaichengpeng plans to invest 80 million yuan, accounting for 61.49%. In addition, Xiamen Xinmei was jointly established by Tianjin Xinmei and Xinshengli Insurance Equity Investment Co., Ltd., a wholly-owned subsidiary of Cinda Capital, with Tianjin Xinmei holding 99% of the shares and Xinshengli Insurance holding 1%.
The announcement shows that Xiamen Xinmei will use its own funds and bank loans to acquire 100% equity of Yantai Red Star International Home Furnishing Management Co., Ltd. ("Yantai Red Star"), a subsidiary of Tibet Changxing Furniture Management Co., Ltd. ("Tibet Changxing"), with a total price of 980 million yuan and clearing its remaining debts of 1.3 billion yuan. Xiamen Xinmei will pay a total of 2.28 billion yuan.
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