China 3C Group has signed an agreement of intent to acquire Shanghai Joy & Harmony Electronics Company, a consumer electronics retail chain focusing on the eastern China market.
According to the agreement, China 3C will begin due diligence of Shanghai Joy and Harmony and terms of the agreement were not disclosed.
Zhenggang Wang, CEO of China 3C Group, said, "Shanghai Joy & Harmony is a consumer electronics retail chain with a strong core competency. The chain has established 180 retail stores in Eastern China since it was founded in 1995. Upon completion of the acquisition, China 3C Group will have more than 800 retail stores. It is anticipated that this acquisition will contribute significantly to our competitiveness, and we believe it will increase our earnings per share."
Shanghai Joy & Harmony has 180 retail stores in Shanghai and Jiangsu Province. The company specializes in the sale of consumer electronics, including MP3 players, MP4 players, iPod, electronic dictionary, CD players, radios, Walkman, audio systems and speakers. The company is the authorized sales agent for well-known manufacturers in China like Tecsun Radio and Changhong ZARVA.