China 3C Group (CHCG.OB) Completes Acquisition of Jinhua Baofa Logistic, Ltd.
China 3C Group, a leading wholesale distributor and retailer of computers, communication products and consumer electronics in China, recently announced that the company has completed the acquisition of Jinhua Baofa Logistic, Ltd., a transportation logistics company in Eastern China. The transaction was structured as an acquisition through the company's subsidiaries, Zhejiang Yong Xin Digital Technology Co., Ltd. and Yiwu Yong Xin Communication Ltd., for a cash consideration of RMB 120 million (approximately US$17.4 million). With revenue of $10.5 million and net income of $1.9 million, Jinhua Baofa Logistics’ services cover more than 20 cities in Eastern China, including Shanghai, Hangzhou…