On November 28, Ge Longhui (03306.HK) issued an announcement. On November 28, 2024, Jiangnan Cloth Clothing and Huizhan Technology signed an equity transfer agreement. According to this, Jiangnan Cloth Clothing Accessories has agreed to acquire, and Huizhan Technology has agreed to sell all of the shares of the target company Hangzhou Muli Brand Management Co., Ltd. The cost of the acquisition was RMB 1,672,000.
The target company is mainly engaged in selling a designer brand called “B1ock”. This business was operated by Huizhan Technology before the target company was registered and established. As of the date of this announcement, the target company was wholly owned by Huizhan Technology, while Huizhan Technology was wholly owned by the founder indirectly.
The target company's main brand “B1ock” is a buyer-made department store brand that combines contemporary art and lifestyle aesthetics. It can provide richer business categories, as well as a unique art business integration model, and give consumers a different shopping experience. It has comprehensive capabilities such as pioneering fashion, art curation, and creative retail, and can export more high-quality art content. Acquisitions can also create synergy effects through cross-selling to provide the Group's existing customers with a wider range of choices, which is in line with one of the Group's “multi-brand large-scale development” strategies.
