Weiqiao Textile

Shandong Weiqiao Pioneering Group completed the acquisition of the remaining 36.5475% stake in Weiqiao Textile Company Limited on March 19, 2024, at HKD 3.5 per share.

Shandong Weiqiao Textile Technology Co., Ltd. entered into a merger agreement on December 4, 2023, to acquire Weiqiao Textile for HK$3.50 per H share and RMB 3.180870 per domestic share, totaling about HK$1.448 billion and RMB 72.8 million.

Weiqiao Textile Technology announced a merger agreement to absorb Weiqiao Textile, offering HKD 3.50 per H-share and CNY 3.180870 per domestic share, valuing the deal at approximately HKD 1.448 billion and CNY 72.84 million.

Weiqiao Textile entered into a supply agreement with its parent company on May 17, 2021, for the supply of fabrics, knitted cloth, garments and home textile products, effective from May 17, 2021 to December 31, 2023.