Home / Knowledge / News / Apparel/Garments / Pou Sheng International ends Jiezhixing venture
Pou Sheng International ends Jiezhixing venture
Mar '10
Termination of investment in joint venture involving disposal of 50% equity interest in Hubei Jiezhixing Clothing and Accessories Company Limited being a discloseable and connected transaction for Pou Sheng International (Holdings) Limited and a connected transaction for Yue Yuen Industrial (Holdings) Limited.

On 11 March 2010, Pou Sheng's subsidiaries, the Dragonlight Entities, entered into the Termination Framework Agreement with Mr. Qiu, Ms. Wang and Jiezhixing under which the Dragonlight Entities agreed to terminate its investment in 50% equity interest in Jiezhixing. On the same date, the Dragonlight Entities, Mr. Qiu, Ms. Wang and Jiezhixing entered into the Call Option Termination Agreement under which the Call Option was terminated.

As Mr. Qiu is a substantial shareholder of a subsidiary of Pou Sheng, Hubei Shengdao, Mr. Qiu is a connected person of Pou Sheng under the Listing Rules. As Jiezhixing is an associate of Mr. Qiu by virtue of Mr. Qiu's interest in 50% of its equity interest, Jiezhixing is also a connected person of Pou Sheng under the Listing Rules.

The entering into of the Transaction Documents therefore constitutes a connected transaction for Pou Sheng under Chapter 14A of the Listing Rules which is subject to announcement, reporting and independent shareholders' approval requirements. As the results of the size tests exceed 5%, the entering into of the Transaction Documents also constitutes a discloseable transaction for Pou Sheng under Chapter 14 of the Listing Rules.

Click here to read more details:

Pou Sheng started operation in 1992 as an integral part of Yue Yuen Industrial (Holdings) Limited, the world's largest footwear manufacturer and a constituent stock of Hang Seng Index. It began with brand licensee business for distributing Converse products in the PRC and later expanded into sportswear retail business.

Yue Yuen Industrial (Holdings) Limited

Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Hannah Lane

Encouragement from brands will motivate supply chains to become more...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search