Affected by the slowdown in the growth rate of the small home appliance industry, Jiuyang Co., Ltd., which has just lowered its growth rate, intends to diversify. On July 23, Jiuyang issued an announcement saying that the company plans to invest 1 billion yuan to develop a health industrial park, with the focus on health and leisure tourism projects.
2300 mu plot development tourism project
Jiuyang announced that the company has recently signed the "Intention of Investment" and "Supplementary Agreement on Investment Intention" with the People's Government of Lin'an City and Linglong Street Office of the People's Government of Lin'an City (hereinafter referred to as "Lin'an City Government"). According to the agreement, the company will develop health industry park projects in Lin'an City, which are mainly divided into health water purification system projects and health leisure tourism projects.
The project of healthy water purification system is that the company invested and established Hangzhou Jiuyang Water Purification System Co., Ltd. in Lingan Street Industrial Zone, Lin'an, mainly engaged in the research and development, production and sales of water purification equipment. According to the demand for landing, the Lin'an Municipal Government selected about 100 acres of suitable land in the Linglong Industrial Zone for the production and construction of the project.
As for the health and leisure tourism projects, the Linan Municipal Government agreed that the company should develop and construct health and leisure tourism projects on the 2300-mu area north of the 320 National Road in Linglong Street, the original Xiayuan Village block, covering health and wellness care, consumer health and wellness experience projects, and soybeans The planting industry of raw materials required by the company. The Linan Municipal Government provided the project land to the company as a whole by lease, with a lease period of 70 years.
According to the announcement, the current investment of 1 billion yuan is currently only an investment framework agreement. Jiuyang shares said that there are uncertainties in the implementation of the agreement, project approval and project construction.
Paving the way for VC exit?
Such ambitious project planning is rare in Jiuyang's history.
It is worth noting that Jiao Shuge, director of Jiuyang Co., Ltd., is the representative of the interests of the famous venture capital Shanghai Dinghui Investment Management Co., Ltd. (hereinafter referred to as "Dinghui Investment"). According to public information, CDH invested 84.51 million yuan in Jiuyang shares on June 22, 2007. The capital injection at that time was also accompanied by performance commitments.
In February 2011, Jiuyang Co., Ltd. launched an equity incentive plan with an exercise price of only 7.59 yuan per share. Due to the very low exercise price in the plan, it even triggered a debate on equity incentives among market participants. However, the equity incentive plan was subsequently passed by the board of directors. Jiao Shuge was among the three key executives who participated in the voting.
At that time, some media questioned that CDH Investment assisted Jiuyang in the promotion of equity incentives, in order to obtain support from Jiuyang in the event of CDH's exit. Well, this "value" 1 billion yuan investment intention agreement does not rule out the suspicion of stimulating stock prices and paving the way for the smooth exit of the banned venture capital.
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