Development Of Sports Apparel Business Red Beans Shares Sixty Million Proposed Sportswear Company

On the evening of November 22nd, Hong Kong shares announced that the company intends to invest RMB 60 million yuan with its own capital and set up the Wuxi red bean sportswear Co., Ltd. (hereinafter referred to as "international company") with the controlling shareholder of Jiangsu red bean International Development Co., Ltd. (the name of which is the approval of the Ministry of Commerce and industry, hereinafter referred to as "sportswear company").

The announcement indicates that the company intends to sign a joint application with the international company to establish Wuxi.

The capital contribution agreement of sportswear Co., Ltd., in which the company intends to invest RMB 60 million yuan, accounting for 60% of the registered capital.

The international company intends to invest RMB 40 million yuan, accounting for 40% of the registered capital.

Because the international company and the company are controlled by the red bean Group Limited (hereinafter referred to as the "red bean group"), the international company is a related legal person, and the company's external investment constitutes a related paction.

The registered place of sportswear company is the red bean industrial city of Donggang Town, Xishan District, Wuxi. Its business scope is the production and sale of clothing, clothing, shoes and caps and bags, and the import and export business of all kinds of commodities and technologies.

It is understood that

Adhering to the idea of "high quality red beans and quality life", we must adhere to the "Siping" brand positioning of "peace, equality, fairness and parity", and strive to create a brand style of light fashion.

Red beans

Chain Monopoly and red beans

The main business is customization. The company provides clothing for middle and high-end consumers, including business dress, fashion, sports and business casual style, to meet their one-stop dress requirements on different occasions.

In the first half of this year, the actual operating profit of the company was increased by 61.14% compared with the same period last year, mainly due to the increase in sales of men's clothing.

Among them, men's clothing business income of 1 billion 163 million yuan, an increase of 50.19% over the same period last year.

Hong Kong shares said that the joint investment in the establishment of sportswear companies, is conducive to the company seize the opportunity for rapid development of sports and health industry, relying on years of accumulated experience in clothing production and sales and resource advantages.

Related businesses, foster new profit growth points, enhance the company's market competitiveness, and create greater value for shareholders.

When the sportswear company is established, it will be incorporated into the consolidated financial statements as a controlling subsidiary.