On September 4, biyinlefen Clothing Co., Ltd. (hereinafter referred to as "biyinlefen") issued a notice on terminating the "agreement of intent to merge" and planned to terminate the acquisition of the target company held by Jiangxi Weichuan.
As for the reasons for the termination of the acquisition, biyinlefen said that the company organized the work team to carry out due diligence on the target company, and obtained the active cooperation of the target company. After many communication and demonstration, both sides believed that further research and discussion were still needed in the aspects of cooperation mode and cooperation scope, so they agreed to terminate the "agreement of intent on merger and acquisition". The two sides will continue to cooperate with each other in terms of short-term strategy and video business.
The termination of the intent agreement will not adversely affect yinlefen's business performance and financial status. The company will continue to deepen its smart retail strategy in the future.
In mid July, in order to strengthen the exploration of new retail and promote the integrated development of online and offline, biyinlefen plans to acquire 100% equity of Shanghai Weixiang Network Technology Co., Ltd., with the transaction price of RMB 400 million. It will realize Carnaval De of the company with the help of big data foundation of the target company platform, as well as the advantages of we media, short video and live broadcast promotion for many years Venice Carnival brand and online channels to quickly connect, strengthen brand promotion and online sales.
Now, the acquisition of Loewen has encountered twists and turns, but its development has stopped.