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Zall Group buys 22% stake in Chinese internet services provider for 121.5M yuan

Through its subsidiaries, Chinese developer Zall Group Ltd. completed the acquisition of a 22% interest in Ningbo Haishangxian Information Technology Co. Ltd. for an aggregate of 121.5 million yuan.

Under the equity transfer and capital increase agreement, Wuhan Zall Interconnection Tech Co. Ltd. paid 90 million yuan to Ningbo Haishangxian to subscribe for a 15% equity interest in the company. The unit also purchased a 6% stake from Ningbo Haishangxian's existing shareholders at a total consideration of 27 million yuan. Additionally, Shenzhen Sinoagri E-commerce Co. Ltd., another subsidiary of Zall, acquired a 1% equity interest for 4.5 million yuan.

Ningbo Haishangxian is a provider of an integrated one-stop platform for seafood buyers and sellers.

As of May 16, US$1 was equivalent to 6.37 yuan.