Meeting Details - The shareholders' meeting was held on May 19, 2025, at the specified location in Wenzhou, Zhejiang Province [1] - The meeting was presided over by Vice Chairman Qian Fan, and voting was conducted through both on-site and online methods, complying with relevant laws and regulations [1][6] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A resolution received 56,071,755 votes in favor, accounting for 99.5354% [1] - Another resolution garnered 56,050,695 votes in favor, representing 99.4980% [1] - A further resolution achieved 56,069,755 votes in favor, equating to 99.5318% [1] - The voting results consistently showed a high approval rate, with most resolutions exceeding 99% in favor [2][3][4] Legal Compliance - The meeting's procedures, participant qualifications, and voting processes were confirmed to be in accordance with the Company Law, Securities Law, and the company's articles of association by the attending lawyers [6]

Core Points - The company announced a cash dividend distribution of RMB 0.15 per share (including tax) for its A shares [1] - The total cash dividend to be distributed amounts to RMB 60,147,000 (including tax) based on a total share capital of 400,980,000 shares [1] - The dividend distribution plan was approved at the annual general meeting on May 12, 2025 [1] Distribution Dates - The record date for the dividend is May 23, 2025, with the last trading day on May 26, 2025, and the ex-dividend date also on May 26, 2025 [1] - Cash dividends will be distributed on the ex-dividend date to shareholders registered by the end of trading on the record date [1] Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1] Taxation Information - For individual shareholders holding shares for more than one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of RMB 0.15 per share [2] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of the shares [2] - For foreign institutional investors, the company will withhold tax according to relevant regulations, resulting in a net distribution of RMB 0.135 per share after a 10% withholding tax [4]

Group 1 - After the latest adjustments in China-US tariff policies, many foreign trade companies have resumed their supply to the US market and restarted production and promotion of export products [1][7] - In Longgang, Zhejiang, a surge in foreign trade has been observed with numerous US orders returning, leading to a busy production environment in packaging companies [3] - A high-tech company focused on food packaging is currently rushing to fulfill a batch of orders worth nearly $200,000 for the US market [5] Group 2 - Following the announcement of reduced tariffs, many foreign trade companies in Xiamen, Fujian, received urgent order requests from US clients [7] - A packaging technology company in Zhejiang has prioritized US orders, aiming for rapid delivery within 90 days and plans to establish subsidiaries in Mexico and Europe to adapt to tariff measures [8] - A shoe company reported that over 60% of its overseas business comes from the US, and after the tariff adjustments, it has started shipping previously accumulated inventory and received numerous new orders [10][11] Group 3 - A textile export company in Xiamen is actively shipping out previously accumulated inventory worth 10 million yuan and has received new orders totaling $2.7 million [13] - The general manager of a textile import-export company in Fujian emphasized the need to diversify by developing markets in other countries and launching a domestic brand this year [15]

Core Viewpoint - The acquisition of Skechers by 3G Capital for $9.42 billion marks the largest deal in the footwear industry to date, with significant implications for both companies and the market [2][5]. Group 1: Acquisition Details - Skechers announced its sale to 3G Capital for $9.42 billion (approximately 678 billion RMB), with the transaction expected to close in Q3 of this year, leading to Skechers' delisting from the NYSE [2]. - This acquisition is notable not only for its size but also because it represents 3G Capital's first foray into the footwear sector, having previously focused on food and beverage companies [5][19]. - Warren Buffett expressed interest in acquiring Skechers, indicating a potential valuation of around $10 billion (approximately 720 billion RMB) [2]. Group 2: Company Performance - Skechers achieved a global sales increase of 12.1% year-over-year, reaching nearly $9 billion, with a net profit of $640 million, and is projected to reach $10 billion in revenue by 2026 [4]. - The brand holds the third-largest market share in the global sportswear market, trailing only Nike and Adidas [4]. - Skechers has seen significant growth in China, with retail sales increasing from 74 million RMB in 2008 to 16.6 billion RMB in 2019, representing a compound annual growth rate of 73% [22]. Group 3: 3G Capital Background - 3G Capital, founded in 2004, is known for its large-scale investments and has a history of successful acquisitions in the food and beverage sector, including Anheuser-Busch and Kraft Heinz [10][17]. - The firm is led by three Brazilian billionaires, including Jorge Paulo Lemann, who is recognized as one of the wealthiest individuals in Brazil [4][10]. - 3G Capital's investment strategy focuses on acquiring companies with strong brand potential but poor management, allowing for operational improvements and cost reductions [16][14]. Group 4: Market Context and Future Outlook - The acquisition comes at a time when Skechers is facing challenges in the Chinese market, with a reported 0.9% decline in sales and a 16% drop in Q1 of this year [24][25]. - Skechers has withdrawn its earnings guidance for FY2025 due to uncertainties in the Chinese market and global economic conditions [25]. - 3G Capital aims to leverage its expertise to enhance Skechers' growth trajectory, with plans to open an additional 3,000 stores in China and achieve a revenue target of 30 billion RMB from the Chinese market by 2026 [30][31].

Core Viewpoint - The acquisition of Skechers by 3G Capital marks the largest merger deal in the footwear industry to date, with a transaction value of approximately $9.4 billion (around 68 billion RMB) at a cash price of $63 per share, expected to be completed in Q3 of this year [2][3]. Company Overview - Skechers, founded in 1992, focuses on affordable athletic and casual footwear, becoming the third-largest sports brand globally with sales of $8.97 billion in 2024, following Nike and Adidas [2][5]. - The company entered the Chinese market in 2007 and has localized its supply chain, with over 90% of products sold in China being "Made in China" [5]. Financial Performance - In 2024, Skechers achieved a sales revenue of $8.97 billion, a 12% year-on-year increase, marking a historical high, with revenue nearly doubling over the past five years [6]. - However, the company faces challenges, including a 16% decline in sales in China over two consecutive quarters and rising costs due to recent tariff policies affecting its supply chain [6]. Strategic Implications - The decision to go private is seen as a strategic move to mitigate pressures from public markets and to allow for business adjustments in response to trade uncertainties [6]. - 3G Capital's acquisition strategy typically involves identifying high-potential brands in struggling conditions, which aligns with Skechers' current situation [9]. Market Context - The global athletic footwear market is projected to grow at a compound annual growth rate of 5% from 2024 to 2029, indicating potential for further expansion [9]. - Skechers' current price-to-earnings ratio of 14 is significantly lower than that of its competitors, making it an attractive acquisition target for 3G Capital [9]. Acquisition Strategy - Unlike previous acquisitions, 3G Capital plans to retain Skechers' current CEO and management team, indicating a shift towards a more collaborative approach rather than aggressive restructuring [10]. - This acquisition reflects a broader trend in the consumer sector, where significant merger and acquisition activity is occurring across various industries, including food and beverage, apparel, and small appliances [12][16].

Core Viewpoint - The legal opinion letter from Beijing Jindu Law Firm Shanghai Branch confirms that the 2024 Annual General Meeting of Zhejiang Aokang Footwear Co., Ltd. was convened and conducted in compliance with relevant laws, regulations, and the company's articles of association [1][2][16]. Group 1: Meeting Procedures - The meeting is scheduled for May 12, 2025, and the notice was published in various financial media [4][5]. - The meeting was held at the Aokang Industrial Park video conference room, presided over by the company's chairman, Wang Zhentao, with voting open from 9:15 AM to 3:00 PM on the same day [5][6]. - The actual time, location, and agenda of the meeting matched the details provided in the notice [5][6]. Group 2: Attendance and Qualifications - A total of 5 shareholders attended the meeting in person, representing 191,688,117 shares, which is 47.8049% of the total voting shares [6]. - An additional 66 shareholders participated via online voting, representing 2,053,552 shares, or 0.5121% of the total voting shares [6]. - The total number of attendees was 71, including company directors, supervisors, and some senior management [6][7]. Group 3: Voting Procedures and Results - The voting was conducted through a registered voting method, with both on-site and online votes counted [7][8]. - The results showed that various proposals were approved with overwhelming majorities, such as 192,995,869 votes in favor, representing 99.6150% of the votes cast [8][9]. - The voting results for small investors indicated a high level of agreement, with 21,343,052 votes in favor, accounting for 96.9964% of the votes from small investors [9][10]. Group 4: Legal Conclusions - The law firm concluded that the meeting's convening and conducting procedures complied with the Company Law, Securities Law, and other relevant regulations [16]. - The qualifications of attendees and the convenor were deemed valid and in accordance with legal requirements [16]. - The voting procedures and results were confirmed to be legal and effective [16].

Group 1: Company Listings and Performance - Hu Shang A Yi, a tea beverage company, went public in Hong Kong on May 8, raising approximately HKD 270 million with a final share price of HKD 158.4, giving it a market capitalization of HKD 16.6 billion [2] - As of the end of 2024, Hu Shang A Yi reported a revenue of CNY 3.285 billion, a year-on-year decline of 1.9%, and a net profit of CNY 329 million, down 15.2% [2] - Skechers announced its acquisition by 3G Capital for over USD 9 billion at USD 63 per share, with the deal expected to close in Q3 2023 [4] Group 2: Market Trends and Challenges - Hu Shang A Yi faces challenges with declining operational efficiency and saturation in store growth, with a 20.6% decrease in new franchise stores and a 178% increase in store closures in the first half of 2024 [2] - Skechers' strategic shift to privatization is seen as a move to escape the constraints of public financial disclosures amid uncertainties from U.S. tariff policies affecting its cost structure and profit margins [5] - The baking industry, which Hu Shang A Yi is entering, is characterized by high competition and the need for product innovation and operational capabilities to succeed [7] Group 3: Brand Developments and New Ventures - Haidilao launched a bakery brand "SCHWASUA" in Hangzhou, focusing on low-priced products, as part of its "Pomegranate Plan" to incubate new independent brands [6] - Aesop's first store in China closed after two and a half years, reflecting challenges in balancing brand positioning and local market operations [18] - Lucky Coffee has surpassed 5,400 stores nationwide, with significant sales performance during the May Day holiday, indicating strong growth in the coffee shop sector [19]

以下文章来源于并购最前线 ，作者王露 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 3G资本入主。 现年85岁的创始人Robe rt Gr e e nbe rg曾是一名理发师，20世纪60年代开设自己的美发沙龙，并经营起假发业务。 在创立斯凯奇之前，Robe rt尝试过许多发财门路。最成功的当数1983年创办高帮运动鞋L.A. Ge a r，迅速风靡全美，迈克尔·杰克逊为 其代言。然而巅峰后就是坠落，1992年Ro be rt被董事会扫地出门。 也是这一年，Robe rt和他的儿子Mi c ha e l创立斯凯奇，Ske c he rs在英文俚语中意为精力充沛、坐不住的人。 "创立第一天，我就知道它会成功。"Ro be rt信心满满，他对斯凯奇的定位不是前卫潮流，而是主打实惠舒适的"一脚蹬"。 作者 I 王露 报道 I 投资界-并购最前线 投资界-并购最前线消息，本周鞋业巨头斯凯奇发布公告称，同意被巴西投资机构3G资本收购，交易价格约为94亿美元（约合人民币 680亿元）。这是鞋业史上最大的一笔收购案。 人们对于斯凯奇并不陌生。成立于19 92年，斯凯奇以舒适的厚底一 ...

本周，以生产运动休闲鞋类知名的美国鞋业巨头斯凯奇公司同意被巴西私人投资机构3G资本公司收购，在上市二十多年后退出市场，转为非上市企业。 斯凯奇等美国大型鞋类企业生产线大部分集中于亚洲，美国政府大打关税牌让这些企业面临巨大压力，在此背景下发生的这起收购尤为引人关注。 根据美国斯凯奇公司与巴西3G资本公司发布的联合声明，3G资本将以每股63美元、总额90多亿美元的价格收购斯凯奇。斯凯奇公司董事会已一致批准这笔收购交 易，收购预期在今年第三季度完成。 关税阴影下"退市避险" 斯凯奇接受收购 美联社报道指出，这笔交易发生在特朗普政府关税政策带来诸多"不确定性"的背景之下。此前，在4月发布的一季度财报中，斯凯奇并没有依照惯例发布关于下一季 度营收预期的"业绩指引"。其首席财务官约翰·范德莫尔解释说，"当前环境变动过于频繁"，公司无法作出足够可靠的业绩规划。 之后的5月2日，斯凯奇在向美国证券交易委员会提交的一份文件中发出警告，美国政府的关税政策可能会对该公司的业务造成重大不利影响，将大幅拉高该企业的 业务运营成本、引发涨价同时拉低销量。 市场分析认为，斯凯奇此次战略调整是为了通过退市，摆脱上市公司财务披露的约束，获得更 ...

Core Viewpoint - Skechers, a prominent American footwear company, has agreed to be acquired by Brazilian private equity firm 3G Capital for over $9 billion, marking its exit from the public market after more than 20 years [1][2]. Group 1: Acquisition Details - The acquisition price is set at $63 per share, with the deal expected to close in the third quarter of this year [1]. - The Skechers board has unanimously approved the acquisition [1]. Group 2: Market Context - The acquisition occurs against the backdrop of significant pressure from U.S. tariffs, which have created uncertainty for companies like Skechers that rely heavily on Asian production [2]. - Skechers did not provide revenue guidance for the next quarter in its recent earnings report, citing the rapidly changing environment as a reason for the lack of reliable forecasts [2]. Group 3: Industry Response - The American Footwear Association has sent a letter to the U.S. government, signed by 76 brands including Nike and Adidas, requesting tariff exemptions due to the survival threat posed by current tariff policies [3]. - The letter highlights that many companies producing affordable footwear cannot bear the high tariffs and may face closure if the situation does not change [3].