Xiao Nan Guo's Move to Acquire Stake in Wowo Limited (JMU) Passes
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Wowo Limited (Nasdaq: JMU) 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.
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