Business
E-Home Household Service Holdings Limited Enters into Two Separate Equity Acquisition Agreements to Acquire Significant Stakes in Household Appliance Service and Property Management Firms
FUZHOU, China, Jan. 21, 2022 (GLOBE NEWSWIRE) -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of integrated
About this update from E-home Household Service Holdings Limited
[{"type":"text","content":"FUZHOU, China, Jan. 21, 2022 (GLOBE NEWSWIRE) -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the \"Company\" or \"E-Home\"), a provider of integrated household services in China, today announced that the Company and its wholly-owned subsidiary E-Home (Pingtan) Home Service Co., Ltd. (“E-Home Pingtan”), have entered into an Equity Transfer Agreement (the “Agreement A”) with Putian YouYou Cleaning Co., Ltd. (“YouYou”) and its individual shareholder to acquire 60% of the equity interests in YouYou from Wang Guoqing, who holds 100% of the equity interests of YouYou, a professional cleaning and property management company in China. Meanwhile, the Company and E-Home Pingtan have also entered into another Equity Transfer Agreement (the “Agreement B”) with Shenzhen Chinese Enterprises Industrial LianBao Appliance Service Co., Ltd. (“LianBao”) and its shareholders (collectively, the “Sellers”) to acquire 40% of the equity interests in LianBao from the Sellers, a Chinese household appliance service firm. YouYou is a leading cleaning services provider and a member enterprise at Fujian Province Cleaning Industry Association. YouYou is equipped with high-end cleaning equipment including cleaning cars, robotic cleaning machines and garbage transportation vehicles. YouYou’s clients range from government institutions, mega factories to households and office buildings and with years-long experience and a highly professional team, YouYou has grown to become a widely and highly reputed cleaning services provider in Fujian province. LianBao is a well-established home appliance after-sale services provider, and is one of the first companies that has spearheaded with a self-developed high-tech internet+ service platform that enhances clients coverage and its connectivity. LianBao’s software as a service platform operates via different channels including WeChat, APP and PCs to connect household appliances manufacturers, sales agents, e-commerce platforms, hotels and other related parties that cover a network of over 3,000 districts across China. LianBao is also one of the largest after-sale services platforms in South China with over 100,000 registered repair workers and more than 30,000 home appliance corporate clients. Pursuant to the Agreement A, Mr. Wang will transfer 60% equity interests in YouYou to E-Home Pingtan for a total consid...