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

In the evening of November 22nd,

According to the announcement, the company intends to invest RMB 60 million yuan with its own capital to establish Wuxi with the controlling shareholder, Jiangsu red bean International Development Co., Ltd. (hereinafter referred to as "international company").

The limited name of the company shall be approved by the business sector, hereinafter referred to as "sportswear company".

The announcement indicates that the company intends to sign a capital contribution agreement with the international company on the joint application for the establishment of Wuxi red bean Sports Limited company, of 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 Hong Kong shares adhering to the "quality red beans, quality of life" concept, adhere to the "peace, equality, parity, parity" brand positioning, and strive to create a brand style of light fashion.

Red beans

Chain Monopoly and red bean professional dress customization is the main business, the company provides high-end consumers including business dress, fashion, sports and business and leisure style clothing, to meet the one stop dress demand in 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.

The joint investment and establishment of sportswear companies will help the company seize the opportunity for rapid development of sports and health industry, and rely on years of accumulated experience in clothing production and sales and resource advantages to develop sports.

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.

(author: Cao Weixin, Leanne Li)