SPORTACCORD 2024 INSIGHTS: Touchdowns, Home Runs and Slam Dunks
12 Jun 2024 15:50
On March 12, the Chinese listed company Guirenniao Co. Ltd officially announced that it proposes to acquire 100% equity of Will’s Gym by issuing shares and paying cash. The transaction value is initially confirmed to be 2.7 billion. After the completion of this transaction, Guirenniao Co. Ltd will own a 100% stake in the company which will become a wholly-owned subsidiary of Guirenniao Co. Ltd.
Guirenniao Co. Ltd was founded in 1987 and is one of the fastest growing Chinese sports brands and is now the leader in the Chinese sports shoes and apparel market. Will’s Gym is a leading service provider for fitness & recreation sports in China. Following the acquisition of Will’s Gym, Guirenniao’s business will expand into the sports fitness area.
Due to major assets restructuring, Guirenniao is not yet ready to resume on the stock market. The specific plan of this programme will be as follows: Guirenniao plans to issue at most 125 million shares to 10 or less specifically eligible investors and to raise a fund of at most 675 million Yuan. The issuing price is not yet fixed and the lock-up period is 12 months. The fund raised will pay for this transaction.
Source: Sports Money
Proofread by Sean O Diobhilin
Interview with Yiannis Exarchos: to narrate Olympic story in new ways and promote positive values
01 Jul 2024 14:40
Related coverage
Why China should avoid formalism in physical education
19 Dec 2017
CSI-Bally Total Fitness looks for new business model in fitness industry
22 Dec 2016
Alisports to establish a fitness academy
08 Sep 2017
Alibaba invests in gym company Space Cycle
22 Jan 2018
Guangxi set up CNY100bn goal for fitness and leisure industry by 2025
13 Jun 2018
More from Yutang Sports
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
Interview with Thomas Lund: to follow new trends and bring younger generations to the sport
17 Jun 2024
Interview with Andreas Zagklis: to keep popularization of basketball with all-round strategy
08 Jul 2024
Expert insight | New changes on UEFA EUROs: growing maturity of Hisense and other Chinese brands
22 Jul 2024
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
Yutang Sports
loading...