[TechWeb] May 15 news, Red Star Meikailong issued a statement that the company's controlling shareholder Hongxing Holdings successfully issued convertible bonds, for 4.3594 billion yuan by Alibaba fully subscribed. If it can exchange debt for shares, Ali will receive about 10% of the total share capital of Red Star Meikailong A shares. At the same time, Alibaba in Hong Kong stocks to buy a 3.7% stake in Red Star Mei Kailong.
Red Star Macalline said that in order to promote the business cooperation between the two parties as soon as possible, Red Star Holdings promised to promote and promote the specific cooperation between its major holding subsidiaries (including the company) and Ali, and before May 28, 2019 (inclusive) The company and Ali signed the relevant agreement.
Data show that Hongxing Meicailong is the leading home decoration and furniture mall operators in China. By the end of the first quarter of 2019, Red Star Meicailong operated 81 self-owned shopping malls and 230 entrusted shopping malls, covering 199 cities in 29 provincial administrative regions of the country. In addition, licensed to open 24 franchised stores, a total of 364 home shopping malls.