Shanghai Shenda Co., Ltd. (hereinafter referred to as “Shenda Co., Ltd.”), which was selected into the “Top 100 Chinese Textile and Apparel Export Enterprises in 2017” released by the China Chamber of Commerce for Import and Export of Textiles, issued an announcement on the evening of July 8 stating that the company Wholly-owned subsidiaries Shanghai Shenda Import and Export Co., Ltd. (hereinafter referred to as “Shenda Import and Export”), and Shanghai Bada Textile Printing and Dyeing Garment Co., Ltd. (hereinafter referred to as “Bada Textile”), and Shenda Import and Export are collectively referred to as the “Transfer” below. Party”) transferred 100% of the jointly held interests in Shanghai Lida Garment Co., Ltd. (hereinafter referred to as “Lida Garment Co., Ltd.”) through a public listing on the Shanghai United Assets and Equity Exchange. During the listing period, an interested party, namely Shanghai One Er, finally emerged 123 Industry and Trade Co., Ltd. (hereinafter referred to as “123 Industry and Trade”); 123 Industry and Trade was transferred for 25.8929 million yuan.
The announcement shows that Lida Garment Co., Ltd. was established on December 17, 1994, with a registered capital of 23 million yuan, and its registered location is located in Chudian Village, Liutuan Town, Pudong New Area. The main business is the manufacturing, processing and sales of needle and shuttle fabrics, clothing, shoes and hats and accessories, and the leasing of its own houses.
Shenda Co., Ltd. stated that the company’s current main business is industrial textiles business, which is mainly automotive interior decoration and new textile materials business, as well as foreign trade import and export and domestic trade business, which is mainly textiles. Lida Garment Co., Ltd. has stopped production since 2010, and its rental-to-sale ratio and capital utilization rate are relatively low. Based on the company’s strategic development needs, the sale of 100% of the equity of Lida Garment Co., Ltd. is conducive to the return of funds and the enhancement of the development of Shenda’s import and export and Bada Textile’s main business areas. According to preliminary calculations, the expected disposal proceeds from this transfer transaction are ( Including tax) approximately 13.54 million yuan.
Public information shows that Shenda Co., Ltd. is a diversified listed company focusing on import and export trade, R&D and manufacturing of industrial textiles. Its main business includes automotive interiors and Industrial textiles business, mainly new textile materials business, and import and export trade business, mainly textiles. The company’s predecessor was Shanghai Shenda Textile and Garment Group Company, which was established in December 1986. It was restructured into a joint-stock enterprise in 1992 and listed on January 7, 1993. It is the first export-oriented listed joint-stock company established in Shanghai and is the first export-oriented listed company in Shanghai. It is a cross-industry, cross-regional, export-oriented, multi-functional comprehensive large-scale enterprise with multiple business fields such as cotton textiles, printing and dyeing, clothing, threads and ribbons, industrial textiles, automobile decoration, domestic and foreign trade, real estate, etc. </p
