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We learned from China Resources Vanguard on December 26 that the Ministry of Commerce had officially issued the "Ministry of Commerce's Approval of China Resources Vanguard (Hong Kong) Co., Ltd.'s Merger and Acquisition of Jiangxi Hongkelong Department Store Investment Co., Ltd.".
This means that China Resources Vanguard has taken a substantial first step in its acquisition of Hongkelong Department Store. Next, it will involve multiple links such as approval procedures and asset transfer. It will take time for the formal acquisition to succeed. China Resources Vanguard said that it had not yet had a store in Jiangxi, and the acquisition of Hongkelong paved the way for the opening of the Jiangxi market.
Earlier, China Resources Ventures, a Hong Kong listed company, announced that it would acquire Jiangxi Hongkelong Department Store for 3.69 billion yuan. The approval procedures can be completed by the end of this month as soon as possible.
According to the approval, the total investment of the company after the merger is 270 million yuan, and the registered capital is 90 million yuan. The company has been changed to a foreign-invested enterprise accordingly. At present, it has received a foreign-invested enterprise approval certificate. The business scope of the company is the retail of pre-packaged food and bulk food, wholesale and retail daily necessities, clothing, shoes and hats, needle textiles, cosmetics, etc., and the operating period is 30 years.
China Resources Vanguard revealed that it currently has more than 3,600 stores across the country, including more than 400 new stores opened in 2010. Pacificcoffee, Vango, Voi_la! , VivoPlus, Leonardo and other brands.
Whether or not Hongkelong will be rebranded as China Resources Vanguard after this acquisition is unknown, but after the acquisition, China Resources Vanguard said it would definitely increase its investment in Jiangxi and expand its China Resources stores.
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