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Evergreen International Establishes Shenzhen Fosun Ellassay Fashion Fund with ZMF, Subsidiary of Fosun International and 3 Other Entities

Actively looking for new business opportunities in the apparel, accessory products and online business industries
Evergreen International Holdings Limited
2016-03-07 11:35 5029

HONG KONG, March 7, 2016 /PRNewswire/ -- Evergreen International Holdings Limited ("Evergreen Intl" or the "Company", which together with its subsidiaries is referred to as the "Group"; SEHK stock code: 238), a leading men's wear enterprise and operator of brands targeting the upper-middle and high-end segments of mainland China's market, is pleased to announce that Guangzhou Changzhuxing, an indirect wholly-owned subsidiary of the Company, established Shenzhen Fosun Ellassay Fashion Fund LLP in the PRC, with Hangzhou Zhejiang Momentum Fund LLP ("ZMF"), a subsidiary of Fosun International Limited ("Fosun International"; SEHK stock code: 656), Fosun Evergreen, Ellassay Fashion, and Dongguan Best Pacific Textiles Co., Ltd. ("Best Pacific Dongguan"). The purpose of the investment fund is to mainly invest in lifestyle and related internet enterprises projects. The five parties will foster a business alliance for the Group in its future development and sustainable growth. Evergreen Intl will be the exclusive representative in the menswear industry within the business alliance.

Pursuant to the limited partnership agreement, the total capital commitment to the investment fund is RMB600 million, among which, RMB6 million is to be contributed by Fosun Evergreen; RMB360 million, RMB96 million, RMB78 million and RMB60 million are to be contributed by Ellassay Fashion, Guangzhou Changzhuxing, ZMF and Best Pacific Dongguan respectively.

ZMF is a fund established in the PRC and controlled by Fosun Capital, a wholly-owned subsidiary of Fosun International. The principal businesses of Ellassay Fashion (SSE stock code: 603808) are the manufacturing and trading of women's clothing and clothing accessories. Fosun Evergreen is an investment management company jointly controlled by Fosun Capital and Ellassay Fashion. The principal businesses of Best Pacific Dongguan are the manufacturing and trading of elastic fabric, elastic webbing and lace.

Mr. Chan Yuk Ming, Chairman and Executive Director of Evergreen Intl, said, "The establishment of the investment fund will provide a platform for the Group to leverage the existing business experience, resources and network of Fosun International to explore new business opportunities for acquisitions, and also minimise the investment risks of the Group. Evergreen Intl has been continuously and actively looking for new business opportunities in the apparel, accessory products and online business industries for development and expansion."

About Evergreen International Holdings Limited

Evergreen is one of the leading men's wear enterprises and brands operators in the PRC that currently owns and manages V.E. DELURE and TESTANTIN, targeting the markets for high-end business formal and casual men's wear, the upper-middle fashion casual men's wear and the high-end children's wear. The Group's strategy is to open self-operated stores in key cities, while penetrating the markets of slower development through distributors. To cope with business expansion and raise operating efficiency, the Group has strategically used a combination of self-operated retail stores as well as distributors of varying degrees to cater to different stages of development and target markets for each of its brands.

Source: Evergreen International Holdings Limited
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