(Yicai Global) May 15 -- TWC Group Inc. will buy at least 5 percent stake in Shenzhen Hemei Group Co., which engages in the tourism, finance, smart goods and Internet technology businesses in Japan and other countries, the latter said. The two companies aim to cooperate in e-commerce and ski resort business in both China and Japan.
Both sides signed a framework investment and cooperation agreement yesterday, said Shenzhen Hemei Group in a statement today. TWC Group will acquire the stake through multiple methods within three months of the signing of the agreement and will not reduce its shareholding for one year after the deal is closed, according to the statement.
The acquisition methods include block trade, purchasing shares in the secondary market and transfer by mutual agreement, it said.
TWC Group is the controlling shareholder of Yidao Yongche, an online ride-hailing service provider in China, and also a shareholder of MacEarth Co., the largest ski resort operator in Japan.
Yidao Yongche and Shangpin.com, an affordable luxury e-commerce platform run by Hemei Group, will start wide-ranging business cooperation, but specific collaboration areas will be finalized through negotiations, the statement added.
Ski resorts owned by Hemei Group in Japan will also work with TWC's MacEarth to explore business opportunities in the culture and sports sectors, it said.
Editor: Mevlut Katik