DJ EQS-News: CN Logistics and YesAsia Jointly Seize e-Commerce Market Opportunities Through the Provision of Comprehensive Logistics Service
EQS-News / 30/11/2021 / 09:18 UTC+8
CN Logistics and YesAsia
Jointly Seize e-Commerce Market Opportunities Through the Provision of Comprehensive Logistics Service
[Hong Kong - 30 November 2021] CN Logistics International Holdings Limited ("CN Logistics", SEHK: 2130.HK), a well-established international logistics solutions provider, and YesAsia Holdings Limited ("YesAsia", SEHK: 2209.HK), a leading online retailer that engages in the procurement and sale of Asian fashion, beauty, lifestyle and entertainment products, jointly announce both parties have entered into a MOU in respect of a strategic partnership and CN Logistics will allot and issue new shares to YesAsia to foster a closer partnership.
CN Logistics and YesAsia believe the collaboration will likely generate greater synergies, boost business performance and create attractive returns to shareholders of both companies. As a global integrated logistics service provider, CN Logistics has a strong business network in Europe and Asia, which enables the provision of sufficient supply of air cargo space and regional warehousing as well as distribution service catering to customers' needs. Meanwhile, YesAsia, as the operator of the e-commerce platforms that serve as the gateway of Asian products, has been dedicated to bringing high quality products from China, Japan and Korea to the vast consumer group overseas and notably, Europe, a market where YesAsia has been actively expanding into. According to the MOU, CN Logistics will become YesAsia' strategic logistics partner to provide YesAsia with price-competitive logistic services in Europe and other overseas markets (including freight forwarding, transportation and local distribution), which will enable YesAsia to provide more diversified and speedy logistics and distribution options to its customers. The new options will increase its online platforms traffic as well as reduce its logistics costs.
To further strengthen their long-term business partnership, CN Logistics and YesAsia also entered into a share subscription agreement. According to the agreement, CN Logistics will allot and issue 1.1 million subscription shares at a subscription price of HKUSD9.2 per share for an aggregate amount of HKUSD10.12 million. The subscription shares will be subject to a lock-up period of six months from the date of the allotment of the subscription shares. After the completion of the transaction, YesAsia will hold approximately 0.4% of the existing issued share capital of CN Logistics, while Cargo Services and other connected persons on the board of directors will hold 72.8% of the shares and the remaining 26.8% of the shares are held by public shareholders.
Mr. Ngan Tim Wing, Executive Director and Chief Executive Officer of CN Logistics, commented, "We are honored to have entered into the MOU and share subscription agreement with YesAsia to become their strategic logistics partner for the provision of high quality logistics solution. Through this agreement, we will be able to further reach strategic cooperation with YesAsia in terms of international eFulfillment functions. Leveraging YesAsia's global e-commerce network, together with our business network in Europe and Asia, we will further expand our business from the field of B2B to the field of B2C, so as to enhance self-brand awareness and jointly seize the new opportunities brought by the global economic development in the post-COVID era.
Mr. Lau Kwok Chu, Founder and CEO of YesAsia, commented, "Over the years, we have been committed to promoting high quality Asian products to the vast consumers worldwide, especially in Europe and the America. Through such collaboration, CN Logistics will become our strategic logistics partner. I believe CN Logistics' valuable experience in serving name branded customers will help us serve our consumers around the world better, bringing them top-notch shopping experience and eventually improving our financial performance from the savings in logistics and transportation costs. Looking ahead, we will actively communicate with CN Logistics on the field of e-commerce and B2C, explore more possibilities for cooperation to create additional synergies and achieve mutual benefit."
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About CN Logistics International Holdings Limited
Established in 1991, CN Logistics is a well-established international logistics solutions provider with core business of providing air freight forwarding services and distribution and logistics services in relation to fashion products and fine wine, primarily focusing on high-end fashion (including luxury and affordable luxury) products. According to the CIC Report, the Company ranked first in the distribution and logistics market for high-end fashion products in both the PRC and Hong Kong in 2019.
About YesAsia Holdings Limited
Established in 1997, YesAsia is an online retailer headquartered in Hong Kong that engages in the procurement and sale of Asian fashion, beauty, lifestyle and entertainment products to customers around the world. Its mission is to become the go-to e-commerce gateway that bridges Asian products with customers worldwide. The Group operates three major e-commerce platforms: YesAsia, an e-commerce retail platform for entertainment products; YesStyle, an e-commerce B2C platform serving the increasing popularity of Asian fashion and lifestyle products, in particular Korean beauty products; and AsianBeauty Wholesale, a B2B platform for Asian beauty products.
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30/11/2021 Dissemination of a Financial Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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November 29, 2021 20:19 ET (01:19 GMT)