A top manager from home appliance retailer Yongle has told local media that Yongle will complete the acquisition and integration of Beijing Dazhong Home Appliance within a year and then make it one of its branches in Beijing.
According to this manager of Yongle, following the transaction, Zhang Dazhong, president of Beijing Dazhong will not only get abundant returns, but also an important position in the new company.
Yongle and Beijing Dazhong signed an agreement last Friday in Hong Kong regarding the merger of their stakes.
Yongle forecasts that the new company will achieve a total sales revenue of RMB35 billion this year.
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