Wanxing Holdings (08093) issued an announcement regarding a report published on a WeChat account on February 14, 2024,...
Zhitong Finance App News, Wanxing Holdings (08093) issued an announcement regarding a report published on a WeChat account on February 14, 2024. The report mentioned the signing ceremony of the proposed cooperation (“alleged cooperation”) between the company concerned and Yupai Group.
On February 1, 2024, the Group registered and established a subsidiary, Yupai (Shenzhen) Industrial Investment Co., Ltd. (Yupai Shenzhen). Wanxing Holdings (Shenzhen) Group Co., Ltd. (Wanxing Shenzhen, an indirect wholly-owned subsidiary of the company) and Yupai Holding Group Co., Ltd. (Yupai Group) indirectly holds 51% and 49% of the interests respectively. According to Yupai Shenzhen's organizational rules, Yupai Shenzhen's proposed business scope covers (including) venture capital, education consulting services, sports event organization and management services, and sports equipment supply and retail services.
After confirmation with Yupai Group and careful inquiry by the Company's board of directors, Yupai Group itself and any of its subsidiaries, associated companies or affiliates have no other form of cooperation (“Confirmation”) with (i) the Company (including its subsidiaries, associated companies or affiliates) or (ii) the legal representative of Wanxing Shenzhen or any of its related persons.
According to the knowledge, knowledge, conviction, and confirmation of the Company's directors after making all reasonable inquiries, the Company is unaware that Yupai Group and its ultimate beneficial owners have any relationship (business or other) with the Company and its related parties, other than being shareholders of Yupai Shenzhen.
However, the board of directors of the company would like to clarify that after internal inquiries were made to the legal representatives of Wanxing Shenzhen and Yupai Group, they claimed that the cooperation was in the preliminary stages, and that Wanxing Shenzhen and Yupai Group had not entered into any written agreement or any other form of cooperation regarding the alleged cooperation. Yupai Shenzhen has not carried out any business since it was incorporated.
The company would like to further clarify that it is not authorized to publish the report and requested that the relevant WeChat account delete the report. It is claimed that the cooperation has not been implemented. As of the date of this announcement, the company has not formulated any detailed business plans for the claimed cooperation.
As of the date of this announcement, the Company has no intention of continuing the alleged cooperation. The company is currently considering deregistering Yupai Shenzhen or selling all of its shares in Yupai Shenzhen to Yupai Group or other third parties.