TMCnet News
Dongpeng Acquisition of 62% Equity Interests of Guangzhou Yinai; Further Expand in Mid to High-end Sanitary Ware Market(JCN Newswire Via Acquire Media NewsEdge) Hong Kong, July 28, 2014 - (ACN Newswire) - Dongpeng Holdings Company Limited ("Dongpeng" or the "Company" and, together with its subsidiaries, the "Group", Stock Code:3386), the largest ceramic tile company in China, announced its indirect wholly-owned subsidiary Foshan Dongpeng Sanitary Ware Co., Ltd. ("Dongpeng Sanitary Ware") entered into the Cooperation Agreement with Innoci International L.L.C. ("Innoci") in relation to the proposed acquisition of 62% equity interests in Guangzhou Yinai Sanitary Products Co., Ltd. ("Guangzhou Yinai") at a consideration of RMB15 million (USD2.4 million), to further expand its business and presence in the mid to high-end market.Guangzhou Yinai is a company engaged in the design, customization and sale of mid to high-end bathroom products, and is a wholly-owned subsidiary of Innoci, an American company. Pursuant to the Cooperation Agreement, upon the completion of the acquisition, the registered capital of Guangzhou Yinai will be increased from USD2 million to USD3.49 million, and Dongpeng will become the controlling shareholder.Together with providing the stylish and customized products, Guangzhou Yinai also puts great efforts on the products with environmental protection and energy saving concept throughout all the aspects, including production materials, manufacturing techniques, and also especially products functions, with the aim of providing mid to high-end bathroom products to the growing middle-class consumers and meeting the increasing market needs of environmental protection products.Mr. He Xinming, the Chairman of Dongpeng said, "We are very pleased having the cooperation opportunity with Guangzhou Yinai. Currently, the domestic consumption market is having greater interests in innovative designs and energy-saving products, as a result, having greater brand awareness. Guangzhou Yinai possesses strong competitive advantages, including outstanding design capability, stylish brand positioning and talented design team. Together with Dongpeng's strong production capacity, mature distribution channels, leading logistics system with 5 central warehouses and 24 regional warehouses across the country, and the leading brand position of 'Dongpeng', the cooperation will allow us to realize resource configuration optimization and achieve synergistic effects. Looking forward, we'll strive to further expand in mid to high-end market, solidify our leading market position, bring greater momentum to the Group's business growth and maximize the returns for our shareholders."About Dongpeng Holdings Company LimitedDongpeng Holdings Company Limited is the largest ceramic tile company in China with leading market share in high-end ceramic tiles market in China. Dongpeng designs, develops, produces, markets and sells a wide variety of ceramic tile and bathroom products sunder the "Dongpeng" brand, which has been recognized as the most valuable brand in the industry among China's 500 Most Valuable Brands by the World Brand Laboratory for eight consecutive years. Dongpeng manages an extensive nationwide sales network 1,609 retail outlets covering 500 cities across China. Its products are also sold in 66 countries worldwide. Leveraging on its strong innovation and development capabilities, advanced SAP system and extensive nationwide sales network, Dongpeng will continuously strengthen its brand recognition, optimize its sales network, enhance its product mix and expand its bathroom products business, so as to solidify its leading market position.About Guangzhou Yinai Sanitary Products Co. Ltd.Founded in 2012, Guangzhou Yinai is engaged in stylish bathroom product design, development and sales. Through the combination of technology, fashion and industrial design, Guangzhou Yinai not only provides integrated bathroom solution, but also offers a wide range of products with optimum environmental protection and energy-saving concept. Guangzhou Yinai has currently introduced 300 bathroom products into the market and was invited to participate in 2013 Shanghai International Kitchen and Bathroom Expo as well as in several international projects, including Central Park Hotel, the 6-star Hotel in 2014 Asia Games in Seoul with highly acclamation in its top-notch product design and quality. Mr. Jen, Bai Chen (Rick Jen), the founder of Guangzhou Yinai, has more than 20 years experiences in the sector, and held key position in American Standard.Copyright 2014 ACN Newswire. All rights reserved. |