October 28, 2019 / 4:49 AM / 23 days ago

China's Ruyi says Jining City Urban Construction invests $495 mln to become No.2 shareholder

Oct 28 (Reuters) - Chinese clothing company Shandong Ruyi Technology Group said on Monday that Jining City Urban Construction Investment became its second-largest shareholder with a 3.5 billion yuan ($495.85 million) investment.

Jining City Urban Construction bought a 26% stake in the luxury clothing brand, which owns brands like Japan’s Renown to Hong Kong-based Trinity Group and France’s SMCP .

“Amidst current macroeconomic conditions, the cooperation between state-owned enterprises and privately-owned companies is becoming increasingly important to the market,” said Yafu QIU, chairman of Ruyi Group and its controlling shareholder. ($1 = 7.0586 Chinese yuan) (Reporting by Nikhil Kurian Nainan in Bengaluru)

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