(Yicai Global) Nov. 3 -- Chinese kitchen appliance maker DEA General Aviation Co. [SHE:002260] has decided to cancel plans to acquire online match-maker Shenzhen Zhenai Network Information Technology Co., following the failure to receive the approval of relevant shareholders and directors, the company said in a press briefing yesterday.
Under the terms of the reorganization framework agreement, DEA was required to obtain authorizations of respective shareholders and directors. Following the development, the firm has terminated the major assets reorganization.
Zhenai, jointly founded in May 2004 by Li Song, a former manager of the US investment bank Morgan Stanley AG [NYSE:MS], and Chen Si, a former manager at Dell Technology. Inc. [NYSE:DVMT], adopts a matchmaking service model especially designed for urban white-collar workers to find husbands or wives efficiently. The platform has up to 100 million users.
DEA General Aviation, founded in 1993, formerly known as Yilipu Electric Co., is one of China's largest producers of kitchen electrical equipment and products.