Hangzhou Jiebai, a Zhengjiang-based retailing giant, announced Monday that it is to expand its business in the sports industry.

As the official announcement says, Jiebai will co-invest in Hangzhou-based Yuesheng Sports for a total of over RMB 10 million. The other two investors are Hangzhou Security Service, a subsidiary of Jiebai’s controlling shareholder and Bi Shuisong, the executive of a local company. 

When the all-cash deal is completed, Hangzhou Jiebai and the security service company will own 65.63% of Yuesheng’s registered capital.  

Early last November, Jiebai, together with the other two companies, established a joint venture to focus on high-end health services. The new deal will see Jiebai, as an investor, involve itself more in the sports business. As reported in news stories, professional managers will be invited to take responsibility for the operation of the sports business. 

Hangzhou Jiebai Group Co., Limited is principally engaged in general merchandise retailing and wholesaling, hotel services and the import and export trading business. The company operates in both the domestic and overseas markets.

Source: Zhejiang Daily

Proofread by John Devlin