Yongsheng Life Service acquired 50% equity of Qingdao Yinshengtai Property for 8.64 million yuan.

The Beijing News (Reporter Xu Qian) On February 27th, Yongsheng Life Service announced that on the same day, Shanghai Yongsheng, an indirect wholly-owned subsidiary of the company, entered into an acquisition agreement with Qingdao Yinshengtai and the target company, and Shanghai Yongsheng acquired 50% equity of the target company from Qingdao Yinshengtai at a cash consideration of 8.644 million yuan.

According to the announcement, the target company is Qingdao Yinshengtai Property Service Co., Ltd. (referred to as "Qingdao Yinshengtai Property"), and the net profit after tax in 20 18 and 20 19 was 3.637 million yuan and 3.666 million yuan respectively. Qingdao Yinshengtai and Ms. Jiang hold 96.67% and 3.33% equity of Qingdao Yinshengtai Property respectively.

Upon completion of the above transaction, Yongsheng Life Service will own 50% equity of Qingdao Yinshengtai Property and have the right to appoint most of its directors. Therefore, Qingdao Yinshengtai Property will become an indirect non-wholly-owned subsidiary of the Company, and the financial performance of Qingdao Yinshengtai Property will be fully recorded in the financial statements of the Group.

According to the announcement, Qingdao Yinshengtai Property is a property management service provider with good reputation in Shandong Province. The board of directors of Yongsheng Life Services believes that this acquisition can further expand the business scale and scope of the Group, increase its market share and enhance its competitiveness in Shandong Province, which is in line with the strategic needs of the Group.

Beijing News reporter Xu Qian