On October 18, 2024, Renrui HR (06919.HK) announced that (i) the buyer, Renrui HR Technology Group Limited (an indirect wholly-owned subsidiary of the company), entered into a partnership with Qifeng Yuntian and Jiangnan Financial to sign the Yuntian buying and selling agreement, whereby the buyer agreed to purchase 26% and 5% equity interests in Yuntian and Jiangnan Financial respectively, for RMB 6,500,000 and RMB 1,250,000 respectively; and (ii) the buyer entered into the Shanghai Yuntian buying and selling agreement with Qifeng Yuntian, whereby the buyer agreed to purchase and Qifeng Yuntian agreed to sell 31% equity interest in Shanghai Yuntian for RMB 1,250,000.
Upon completion of the further acquisition, the buyer's equity interests in Yuntian and Shanghai Yuntian will increase from 59% to 90% respectively, while Yuntian and Shanghai Yuntian will remain non-wholly-owned subsidiaries of the company.
Yuntian and Shanghai Yuntian are mainly engaged in providing comprehensive and flexible outsourcing services to local commercial banks in China. Based on the financial condition and operational performance of the target group since the acquisition in 2021, the group is bullish on the business prospects of the target group and its strategic importance to the group. Through further acquisitions, the company will be able to further control the management and operations of the target group, merge the target group's profits into the group's accounts, and facilitate the integration of the target group's business and financial performance with the group's business and financial performance.
