On October 10, Yonghui Supermarket announced that Yonghui Supermarket had previously sold its shares in Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as Wanda Commercial Management) to Dalian Yujin Trading Co., Ltd. (hereinafter referred to as Dalian Yujin) and agreed to pay in eight installments.
However, the purchaser, Dalian Yujin, failed to pay the fourth tranche of the equity transfer of 300 million yuan before September 30, 2024 as agreed, which constituted a breach of contract.
Screenshot of Yonghui Supermarket's announcement on October 10.
According to the announcement, Yonghui Supermarket has issued an accelerated maturity notice letter to Dalian Yujin and the guarantors Wang Jianlin, Sun Xishuang and Dalian Yifang Group, demanding immediate payment and joint and several guarantee liability.
At the same time, the company will file an arbitration with the Shanghai International Economic and Trade Arbitration Commission to pursue its legal responsibility.
There is a risk that the equity transfer agreement will not be able to be performed in a timely manner, and Yonghui Supermarket will disclose the progress in a timely manner in accordance with the regulations to remind investors to pay attention to the risks.
Screenshot of Yonghui Supermarket's announcement on October 10.
Back to the announcement, Yonghui Supermarket held the 11th meeting of the company's fifth board of directors on December 13, 2023, and the company's third extraordinary general meeting of shareholders in 2023 on December 29, 2023, to review and pass the "Proposal on the Sale of Assets", and the company sold 389 million shares of Wanda Commercial Management held by the company to Dalian Yujin (corresponding to the company's shareholding before Wanda Commercial Management's capital increase and share expansion on August 25, 2023).
The transfer price corresponding to the underlying shares is 4.53 billion yuan. According to the Transfer Agreement signed between Yonghui Supermarket and Dalian Yujin, the aforesaid transaction funds were paid by Dalian Yujin in eight installments.
Screenshot of Yonghui Supermarket's announcement on October 10.
On July 26 this year, Yonghui Supermarket announced the "Proposal on Adjusting the Asset Sale Plan". The announcement pointed out that the reason for the adjustment plan is that "due to the short-term capital turnover difficulties of the buyer, it is actively disposing of assets to withdraw funds to pay for the transfer price of the shares in this transaction".
At the same time, Yonghui Supermarket signed the Supplemental Agreement to the Transfer Agreement with Dalian Yujin, Wang Jianlin, Sun Xishuang and Dalian Yifang Group Co., Ltd. to adjust the payment plan and add Wang Jianlin, Sun Xishuang, the actual controller of Dalian Yujin, and Dalian Yifang Group Co., Ltd. as the guarantors of the transaction.
Screenshot of Yonghui Supermarket's announcement on July 26.
According to the agreement, Dalian Yujin should complete the payment of the fourth phase of equity transfer of 300 million yuan before September 30, 2024.
Screenshot of Yonghui Supermarket's announcement on July 26.
Source: China Economic Net