19 May 2019

Hengdeli to buy retailer for 469.5 mln yuan, Bloomberg says

Hengdeli Holdings Ltd. (03389.HK), the Chinese retail partner of Swatch Group A.G., agreed to acquire a majority stake in a watch seller in Nanchang, capital of eastern China’s Jiangxi province, for 469.5 million yuan (US$77.3 million), Bloomberg News reported Thursday. The acquisition target, Shenzhen Feierpusi Electronics Co. Ltd., owns an 88.6 percent stake in Nanchang Hengdeli Co. Ltd., a retailer of watches, gold, jewelry and eyewear, the report said, citing Hengdeli Holdings’ filing to the Hong Kong stock exchange.

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