Zhenggang Wang
Eastern China retailer and wholesale distributor China 3C Group announced it will acquire Jinhua Baofa Logistic for RMB120 million ($17.4 million).
China 3C, based in Hangzhou, said the deal is a definitive agreement for 100% of Jinhua and two technology subsidiaries.
The transaction is expected to close by the end of March.
China 3C Group is a leading retail chain operating over 600 independent stores in Eastern China. The company specializes in selling 3C products (communication, information technology and digital) in China through its subsidiary Zhejiang Yong Xin Digital Technology.
Zhenggang Wang, Chairman of the Board and Chief Executive Officer is the founder, chairman and chief executive officer
Jinhua, founded in 2001, is an Eastern China transportation and logistics company and long-time transportation provider for China 3C. It operates a fleet of more than 70 trucks and moves electronics, machinery and equipment, metal products, chemical material, garments and handicraft goods in more than 20 cities in Eastern China, including Shanghai, Hangzhou and Nanjing.
China 3C said that for the nine months that ended on Sept. 30, Jinhua had sales of about $7.8 million and net income of $1.7 million.
Source: The Journal of Commerce Online
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