Tenwow International Announces Strategic Cooperation with Fosun

EQS-News / 03/11/2016 / 17:41 UTC+8

[For Immediate Release]
/
Tenwow International Announces Strategic Cooperation with Fosun

(3 November 2016 - Hong Kong) Tenwow International Holdings Limited, a
leading packaged food and beverage producer in China ("Tenwow
International" or the "Company", Stock code: 1219), today announces that it
entered into a subscription agreement with Market Genius Limited ("Market
Genius"), a company owned by China Momentum Fund, L.P. which was advised
and managed by its general partner Fosun China Momentum Fund GP, Ltd (an
indirect wholly owned subsidiary of Fosun International Limited), pursuant
to which Tenwow International conditionally agreed to allot and issue a
total of 132,358,000 subscription shares to Market Genius at a subscription
price of HK$2.4137 per subscription share.

The subscription shares represent approximately 6.38% of Tenwow
International's existing issued share capital, and approximately 6.00% of
Tenwow International's total enlarged issued share capital immediately
following completion of the subscription. Market Genius has undertaken to
Tenwow International that the lock-up period of the subscription shares is
24 months.

The gross proceeds from the subscription are estimated to be approximately
HK$319,472,505 and the net proceeds from the subscription, after deduction
of the related expenses, are estimated to be approximately HK$319,122,505,
representing a net issue price of approximately HK$2.4111 per subscription
share. Tenwow International intends to utilise the net proceeds for general
capital purposes.

The subscription is intended to strengthen the relationship between Tenwow
International and Fosun, which entered into a strategic cooperation
agreement on the date of the subscription agreement. Both parties have
reached an understanding on a framework for developing a strategic
cooperative relationship whereby both parties will cooperate with each
other and use their respective competitive advantages with a view to
achieving joint business development in relation to global premium food and
beverage brands; jointly seek acquisition and integration opportunities in
premium food and beverage brands globally and introduce such premium brands
into China; and further explore the opportunity of the acquisition and
joint development of international food and beverage brands.

Mr. Lin Jianhua, Chairman and Executive Director of Tenwow International,
said, "Our strategic cooperation with Fosun will enable both parties to
foster synergies and further strengthen each other's brand image in the
relevant consumer markets through resources sharing, our complementary
strategic advantages and close cooperation. With Fosun's strong financial
position, wealth of industry resources and ample experience on global M&A,
coupled with Tenwow International's extensive distribution network and
leading industry position in China's packaged food and beverage market, we
believe the cooperation with Fosun can complement each other so as to
achieve mutual benefits."

-End-



About Tenwow
Tenwow International Holdings Limited (1219) is a leading packaged food and
beverage producer and one of the largest packaged food and beverage
distributors in China, The Group has an unique business model which
produces and distributes various products including alcoholic beverages,
food and snacks, non-alcoholic beverages and other fast moving consumer
goods through its well-establish network all over China.

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