Huakai Yibai(300592.SZ): Subsidiary plans to increase capital for Shenzhen Mipinsheng

Gelonghui April 2 | Huakai Yibai (300592.SZ) announced that the company’s wholly owned subsidiary Yibai Network plans to sign an “Investment Cooperation Agreement” with Wang Shengpeng and Shenzhen Mipinsheng. Yibai Network and Wang Shengpeng will inject capital into Shenzhen Mipinsheng. Among them, Yibai Network will inject RMB 46.55 million, and Wang Shengpeng will inject RMB 18.95 million. After the capital injection is completed, Yibai Network will hold 70% of the equity interest in Shenzhen Mipinsheng, and Wang Shengpeng will hold 30% of the equity interest in Shenzhen Mipinsheng. Shenzhen Mipinsheng will become a holding subsidiary of Yibai Network and will be included in the consolidated financial statements of the listed company.

In connection with this capital injection, the wholly owned subsidiary of Shenzhen Mipinsheng, Hong Kong Mipinsheng, will sign an “Asset Acquisition Agreement” with Wang Shengpeng and Hong Kong Newrig. Based on the “Asset Valuation Report” issued by Beijing Kunyuan Cheng Asset Appraisal Co., Ltd. and the related books’ net carrying value of inventories, the transaction will acquire core operating assets held by Hong Kong Newrig, including inventories, stores, and intangible assets, for a transaction consideration of RMB 66.50 million.

Hong Kong Newrig is a cross-border e-commerce company focused on premium sportswear brands. It has long been deeply involved in the golf sports and related products segment, and has strategically expanded into high-end sports categories with high added value and strong customer stickiness, such as horse riding, rugby, and baseball. Its product lines cover functional sports equipment and accessories made from various materials, including textiles, plastics, and rubber. Its brand FINGER TEN has already established a strong level of brand awareness on mainstream e-commerce platforms in Europe and the United States. This external investment and acquisition of Hong Kong Newrig’s core operating assets is intended to accelerate the company’s in-depth layout of its premium business, expand its brand echelon, improve its product matrix, and enhance the company’s competitiveness and profitability potential in the brand track. It will help the company rapidly obtain quality brand assets that have been validated by the market, mature operating teams, and efficient channel resources, thereby achieving business synergy and a leap in brand capabilities. This is consistent with the company’s overall strategic direction and the long-term interests of all shareholders.

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