Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
40
CNY 10,000s (approximately ¥9.38 million)Wording
Avoiding a definitive answer
How definitive the wording is.This transaction
This transfer of equity interestsCounterparty林帆国际物流（上海）有限公司
Disclosing companyRentracks CO.,LTD.
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Warehousing services for B2B and e-commerce businesses, mainly in Shanghai, China, and cross-border e-commerce support services
Location China (Changning District, Shanghai)Share capital US$650,000 (approximately ¥10.225 million)Date of incorporation 29 June 2005
Net SalesCNY 7,255,162.76 (¥170.133 million), fiscal year ending December 2025
Operating profitCNY (791,426.14) (¥(18.559) million), fiscal year ending December 2025
Net income for the current fiscal yearCNY (813,966.14) (¥(19.088) million), fiscal year ending December 2025
Net assetsCNY (281,232.51) (¥(6.595) million), fiscal year ending December 2025
Consideration and expenses
Acquisition priceTransfer price of CNY 400,000 (approximately ¥9.38 million)
Type of ConsiderationCash (transfer price of CNY 400,000)
Impact on Business Performance
The impact on consolidated results for the fiscal year ending March 2027 is currently under review.
Procedures and assumptions
Valuation methodologyDetermined through discussions and negotiations with the transferee, taking into comprehensive consideration the target company's financial position, earnings performance and future business outlook.
Conditions Precedent to ExecutionBefore the transfer of the equity interests, the Company's loan receivable from Athena Shanghai of CNY 2.62 million (approximately ¥61.44 million) must be converted into capital through a debt-to-equity swap (DES).
| Item | Details |
|---|---|
| Transaction name | This transfer of equity interests |
| Counterparty name | 林帆国际物流（上海）有限公司 |
| Name of the Subject Company | 阿迪納（上海）市場営銷策劃有限公司 |
| Business Description of the Subject Company | Warehousing services for B2B and e-commerce businesses, mainly in Shanghai, China, and cross-border e-commerce support services |
| Location of the Subject Company | China (Changning District, Shanghai) |
| Capital Stock of the Subject Company | US$650,000 (approximately ¥10.225 million) |
| Date of Establishment of the Subject Company | 29 June 2005 |
| Net Sales of the Subject Company | CNY 7,255,162.76 (¥170.133 million), fiscal year ending December 2025 |
| Operating Profit of the Subject Company | CNY (791,426.14) (¥(18.559) million), fiscal year ending December 2025 |
| Net Income of the Subject Company | CNY (813,966.14) (¥(19.088) million), fiscal year ending December 2025 |
| Net Assets of the Subject Company | CNY (281,232.51) (¥(6.595) million), fiscal year ending December 2025 |
| Acquisition price | Transfer price of CNY 400,000 (approximately ¥9.38 million) |
| Type of Consideration | Cash (transfer price of CNY 400,000) |
| Voting rights ownership percentage | Before 100％ → after 0％ |
| Impact on Business Performance | The impact on consolidated results for the fiscal year ending March 2027 is currently under review. |
| Date of board resolution | 16 October 2026 |
| Contract Date | 20 October 2026 |
| Execution Date / Effective Date | November 2026 (scheduled) |
| Valuation methodology | Determined through discussions and negotiations with the transferee, taking into comprehensive consideration the target company's financial position, earnings performance and future business outlook. |
| Conditions Precedent to Execution | Before the transfer of the equity interests, the Company's loan receivable from Athena Shanghai of CNY 2.62 million (approximately ¥61.44 million) must be converted into capital through a debt-to-equity swap (DES). |
Items this document does not state (12)
Expenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodNumber of shares acquiredFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Independent valuation institutionSpecial CommitteeManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The Company has determined that transferring the equity interests will contribute to building its business portfolio, optimizing the allocation of management resources and enhancing corporate value over the medium to long term, following its review of Athena Shanghai's future role and alignment with its business strategy as it positions its internet marketing and reuse businesses as the two pillars of growth.
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