Differ Group Announces Acquisition of Finance Lease Company in PRC

Oct 01, 2015 15:00 JST

Source: Differ Group Holding Company Limited

HONG KONG, Oct 01, 2015 - (ACN Newswire) - Differ Group Holding Company Limited ("Differ Group" or the "Group") (HK:6878), a leading provider of short to medium-term financing and financing-related solutions in China, has entered into an Acquisition Agreement with Jiashi Company Limited (the "Vendor"). The wholly-owned subsidiary of the Group, Differ Financial Limited ("Differ Financial" or the "Purchaser"), has conditionally agreed to acquire and the Vendor has conditionally agreed to sell the (i) Sale Shares, representing the entire issued share capital of Jiashi Development Limited (the "Target Company") as at Latest Practicable Date, and (ii) the Sale Loan, representing all obligations, liabilities and debts owing by the Target Company to the Vendor on or at any time prior to Completion. According to the Agreement, the aggregate Consideration for the Sale Shares and Sale Loan is RMB103,979,000 (equivalent to approximately HK$126,803,658.54).

Mr. Hong Mingxian, Chairman of Differ Group, said, "The Target Group is principally engaged in the provision of finance lease and consulting services in the PRC. With the Target Group's extensive experience in the finance lease business, in particular, in (i) tourism; (ii) distant marine fisheries industry; and (iii) car leasing to individuals, we believe that it will enlarge the Group's scope of finance lease business and expand customer base. In addition, it will enable the Group to gain access to the know-how, experience and talented personnel with such specialised skills and knowledge.

"Further, the Group will be able to leverage on the good relationships with financial institutions and banks established by the Target Group to explore further cooperation opportunities as well as to develop other finance lease business of the Group. We believe that the Acquisition will be a propelling force for the Group to be one of the leading market players in the finance lease business in Fujian province, the PRC and will bring an additional source of revenue to the Group, thereby increase the competitiveness of the Group in the market and further extend the diversity of business development so as to build a comprehensive financing platform."

Contact:

Strategic Financial Relations Limited
Heidi So
+852 2864 4826
heidi.so@sprg.com.hk

Angel Li
+852 2864 4859
angelok.li@sprg.com.hk

Fiona Ching
+852 2114 4911
fiona.ching@sprg.com.hk
Fax: +852 2804 2789 / +852 2527 1196

Source: Differ Group Holding Company Limited
Sectors: Daily Finance