On July 3rd, Beijing Hualian Department Store Co., Ltd. (Hualian Shares) announced that the company had signed the “Equity Acquisition Framework Agreement” with Beijing Hualian (SKP) Department Store Co., Ltd. (hereinafter referred to as “Beijing SKP”), intending to acquire 100% of the equity of Beijing Hualian Department Store Co., Ltd. held by Beijing SKP. Beijing SKP primarily operates the fashion boutique department store DT51 commercial project. As Beijing SKP is a subsidiary of the controlling shareholder Beijing Hualian Group (BHG), this transaction constitutes a related-party transaction.
DT51 officially opened in January 2023 and is a fashion shopping center developed by Beijing Hualian Department Store Co., Ltd. (jointly established by Beijing SKP and Hualian Shares) as an upgrade project for community commerce.
Hualian Shares stated in the announcement that to enhance the company’s business capabilities and profitability, the company and Beijing SKP have reached an agreement on this equity transfer after negotiations. Along with selling the equity, Beijing SKP committed to transferring all DT51-related assets, businesses, and personnel to Hualian Shares.
At the same time, the purpose of this equity acquisition is to enhance the company’s business capabilities and profitability. In the future, relying on DT51’s core competitiveness and diversified business characteristics, the company aims to empower the development of new projects and the adjustment and upgrade of existing projects.
｜Source: Official press release, historical reports from Luxeplace
｜Image Credit: Official social media accounts of the brand
｜Editor: LeZhi
