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Ag Tech Startup: Golden Wing Mau and Joyvio Announce Strategic Merger.
On December 16, China’s well-known vertically integrated fruit company- Joyvio Group and China’s largest fruit supply chain company-Golden Wing Mau Group officially announced a strategic merger for new development milestones.
After merger, the new company will be China’s largest fruit company with the overall sales turnover of RMB 5 bn. Peter McBride, Chairman of Zespri International Limited, Miguel Allamand, Chairman & President of Exportadora Subsole S.A., Andrew de Haast, Capespan Group Limited, Group Financial Director, Ricardo Larrain, CSO of Hortifrut S.A. and many other major partners of Joyvio and GWM as well as Mr. Zhang Yuxiang, President of China Agri-produce Marketing Association, Mr. Huang Yaodong, Member of the standing committee of Baoan District all attended the event.
The subscription was made at a consideration of the Joyvio firms’ 65% equity interests in Qingdao Wallen Blueberry Co and Joyvio Fruits Co, 45% equity interests in Joyvio Food Co and 100% interest in Joyvio (Chengdu) Modern Agribusiness Co. As a result, these ‘subject companies’ will no longer be Legend Holdings subsidiaries.
Legend president Zhu Linan said “The consideration for the transfer of the Subject Company's Equity Interests and the issue price of the new shares of Golden Wing Mau were determined based on a valuation report dated November 13, 2015 and issued by China United Assets Appraisal Group Co., Ltd. with the valuation base date of June 30, 2015.”
Zhu added “Upon completion of the Transaction, the Company, through its two subsidiaries, holds approximately 43.25% of the issued share capital of Golden Wing Mau and has appointed two directors to join the board of directors of Golden Wing Mau."
In the submission, Zhu said that the company’s fruit business was committed to providing customers with high-quality, safe, branded produce from “farm to table”.