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Renrui Hr Strategically Acquired Two Regional Leading Providers Of Comprehensive Flexible Staffing Services To Commercial Banks

Sep 16, 2021almost 4 years ago

Acquiring Company

Renrui Human Resources Technology Holdings Limited

Acquired Company

Shanghai Lingshi Human Resources Services Limited

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Description

Renrui Human Resources Technology Holdings Limited ("Renrui HR" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 6919.HK), is pleased to announce that on 16 September 2021, the Group has entered into a Sales and Purchase Agreement, and has agreed to acquire 51% of equity interests of Jiangnan Finance Technology (Changzhou) Company Limited (referred to below as "Jiangnan Jinke" ) and Shanghai Lingshi Human Resources Services Limited (referred to below as "Shanghai Lingshi") for approximately RMB 47million and approximately RMB 33million respectively. The target companies are the leading HR service providers in the regions, mainly engaged in provision of comprehensive flexible staffing services to local commercial banks in the PRC. As at 31 July 2021, the total number of comprehensive flexible staff employees deployed by the target companies were over 3,400. Upon completion of the acquisitions, Jiangnan Jinke and Shanghai Lingshi will become indirect subsidiaries of the Company, and their financial results will be consolidated into the financial statements of the Group.

Company Information

Company

Renrui Human Resources Technology Holdings Limited

About

Renrui HR is a fast-growing pioneer in HR solutions in China and is the strategic partner for many industry leaders in new economy industries. Renrui HR's business includes Comprehensive Flexible Staffing Services, Professional Recruitment, OC SaaS, and overseas human resource services. The company has reinvented traditional human resources services with comprehensive digital and cutting-edge technology. Its one-stop ecological system not only allows Renrui HR to serve its customers across the nation, but it also effectively solves the challenge of fast recruitment and management problems in mass China. In July 2021, the Group launched China's first Organizational Capacity SaaS service cloud platform, Rui Xiang Cloud. Currently, Renrui HR operates more than 48 subsidiaries and branch offices across China with business coverage in over 300 cities, it has over 1,200 own employees and over 46,000 comprehensive flexible staffing employees deployed. Company website: http://www.renruihr.com/

DealWatch™ Score

84
High M&A Activity

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Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
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