China's Cowin Capital to exit jewelry retailer Myray
Shenzhen Cowin Capital is poised to exit jewelry retailer Myray to Gansu Gangtai Holdings following the Shanghai-listed company's agreement to buy a further 36.96% of Myray for RMB170 million ($26 million).
Gansu Gangtai already has a 9% interest in Myray. Once completed, the publicly-traded firm will become the largest shareholder.
According to a filing, Cowin previously purchased a 4.35% stake in Myray for RMB435,000. Two other VC investment entities, Nanjing Henfeng Venture Investment and Nanjing Milai Youqing Investment, holds 14.71% and 6%, respectively. These three institutions and several individual investors will sell their stakes to Gangtai.
Founded in 2010, Guangzhou-based Myray manufactures jewelry such as rings and neckless, and distributes its products through an online platform and offline outlets.
Gansu Gangtai sells gold and gold jewelry in the domestic market. It is also involved in steel and electrolytic copper trading.
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