[Caihua Social News] Datang West City (00620.HK) announced that on January 13, 2022, Datang West City auction Co., Ltd. (a wholly owned subsidiary of the company) and Ms. Lu Yaping signed a memorandum of understanding on possible cooperation.
The MOU mainly includes: (I) the establishment of a joint venture company in which Datangxi Auctions holds 51 per cent and Ms. Lu 49 per cent; (ii) the joint venture company will be engaged in the development and sale of related art markets such as incense and sandalwood; and / or (iii) other future cooperation between the joint venture company and Ms. Lu. The terms and conditions (including consideration) of these possible cooperation matters will be determined by Datang West Market auction and Ms. Lu after consultation in accordance with the principle of fairness and reasonableness.
Ms. Lu founded Jiangsu Yaping International Art Museum, which is committed to the development of art markets such as incense, sandalwood, ebony, mahogany, cypress and so on. On January 13, Datang West City auction and Ms. Lu have not yet reached a final agreement on possible cooperation.