Home / Knowledge / News / Fashion / Activeworlds completes acquisition of Wuhan Kingold
Activeworlds completes acquisition of Wuhan Kingold
23
Dec '09
Activeworlds Corp. announced that it has completed its acquisition of Wuhan Kingold Jewelry Co., Ltd. a leading designer and manufacturer of 24K gold jewelry in China.

Located in Wuhan, Hubei Province, Kingold produces a wide range of 24K gold jewelry and household ornaments and is China's leading manufacturer of 24K gold jewelry sold by weight. In the nine months ending September 30, 2009 Kingold had revenues of US$192,036,951 and net income of US$5,755,918 versus revenue of US$57,184,660 and net income of US$3,825,753 in the same period in 2008. Buying 24K gold jewelry is a preferred method for China's rapidly expanding middle class to store wealth; as such, the market for 24K gold jewelry in China is expanding rapidly.

The transaction was structured as an acquisition of the corporate parent of Wuhan Vogue-Show Jewelry Co., Ltd. (“Vogue Show”), a People's Republic of China (“PRC”) corporation which has entered into a series of captive agreements with Kingold pursuant to which it will receive 95.83% of the profits of Kingold. Known as a variable interest agreement or “VIE”, this is a common structure used to acquire PRC corporations within certain industries designated by the PRC.

Vogue Show, a wholly owned foreign enterprise (“WOFE”), is owned by Dragon Lead Group Limited, a British Virgin Islands corporation. At the closing, Activeworlds acquired 100% of Dragon Lead Group Limited. The Company is now in the process of changing its corporate name to “Kingold Jewelry, Inc”.

Baytree Capital Associates, LLC served as a consultant on both the Kingold acquisition and the private placement.

Activeworlds Corp


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Mohammad Hassan
Biax Fiberfilm

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search