BEIJING, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (NASDAQ:JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that at an extraordinary general meeting (the “EGM”) of Xiao Nan Guo Restaurants Holdings Limited held on 24 August 2016, the acquisition of 9.82% stake in Wowo Limited for a total consideration of HK$368,396,837 (approximately US$47.5 million) was duly passed by way of poll, in which 85.57% voted for the ordinary resolution. This transaction priced the Company’s ordinary shares at HK$2.6 per share (approximately US$6.0 per American depositary share of the Company).
Xiao Nan Guo Restaurants Holdings Limited ("Xiao Nan Guo"), established in 1987, holds and operates a chain of businesses including restaurants that offer premium Chinese cuisine, western cuisine, desserts and beverages. Xiao Nan Guo was successfully listed on the Stock Exchange of Hong Kong on July 4, 2012.
With Chinese cuisine as the core business, Xiao Nan Guo adopts the strategy of restaurant chain development and has built a nationwide restaurant chain network in China. Its 29-year experience of providing premium experience to customers has made Xiao Nan Guo a leading brand of Chinese cuisine in the catering industry.
Xiao Nan Guo adopts the strategy of introducing outstanding brands for the development of its western cuisine business. By cooperating with leading international brands and exploring the Chinese market together, Xiao Nan Guo achieved significant growth in recent years.
In 2016, the top four restaurant brands of Xiao Nan Guo, namely Shanghai Min, The Dining Room, Wolfgang Puck and The BOATHOUSE opened stores in Shanghai Disney Park. The four restaurants offer a total area of over 6500 sqm, occupying 25% of catering businesses in Disneytown with a No.1 ranking among all leasees.
Under the new market environment, Xiao Nan Guo further focuses on restaurant chain industry and vertical penetration in the end-user links, by integrating offline stores and online platform resources. Xiao Nan Guo aims to build integrated service platforms in the catering industry and realize transition into a brand investment management group in the foodservice industry.
Currently, the main brands under Xiao Nao Guo include: Shanghai Min, Maison De l'Hui, The Dining Room, ORENO, Pokka Café, Wolfgang Puck, The BOATHOUSE and Michelin.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “ought to”, “plan”, “project”, “potential”, “seek”, “may”, “might”, “can”, “could”, “will”, “would”, “shall”, “should”, “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JM Wowo’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JM Wowo’s strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JM Wowo’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JM Wowo might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JM Wowo does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About JM Wowo Limited
Wowo Limited currently operates China’s leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry. With the help of Internet and cloud technologies, the Company has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. The Company is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, the Company has formed a leading industrial alliance and has great resource leverage in China’s catering industry. The Company works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services.