Lao Feng Xiang Unit Nixes $24 Million Maybach Investment
Lao Feng Xiang's (SHA:600612) subsidiary Lao Feng Xiang Hong Kong has terminated its planned $24 million overseas equity investment in Maybach Luxury Goods Asia Pacific, according to a Shanghai Stock Exchange filing on Wednesday.The jewelry company cited business changes by Maybach Icons of Luxury GmbH, which shifted its Chinese operations to a newly established subsidiary, Maybach Trading (Shanghai).Because Lao Feng Xiang had not yet deployed the investment, the cancellation will not impact its financial condition, the company said.To maintain its partnership, Lao Feng Xiang's trading arm scrapped its previous brand agency agreement and signed a new deal directly with the Shanghai-based Maybach subsidiary to continue distribution of the luxury brand's goods across China.
