Actor Investments Ltd., a wholly-owned subsidiary of China Haidian Holdings Limited (Haidian), has sold its 51% equity interest of Ruihuang (Chongqing) Watch Company Ltd. (Ruihuang) to Beijing Shiqiao Investment Management Company Ltd. (Shiqiao) for US$16.5 million.
Ruihuang is a company dedicated to the manufacturing and selling of watches and timepieces.
Haidian considers that this transaction represents an opportunity for them to realize their investment in Ruihuang and to use the net proceeds for their general working capital and future potential investments. The net proceeds will improve the financial position of the group.
Oaklins' team in Hong Kong acted as financial advisor to the seller.
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