Playing Card Manufacturer Acquires Bicycle Factory
BEIJING, China – Yaoji Playing Card and De Suoluo Door Bike have signed a letter of intent for the acquisition of a 51 percent stake in the bicycle company. Reuters reports that Yaoji Playing Card, listed at the Shanghai Stock Exchange, intends to invest 125 million yuan (17.33 million euro) in the De Suoluo Door Bike company.
De Suolo Door Bike in Beijing operates several brands and factories. The most well-known wholly owned subsidiary is Solomo bike (Tianjin) Co., Ltd. founded in 2008 which is basically targeting high-end bicycles. With factories in Tianjin City, the company has a production capacity of 1 million units. The company manufactures Solomo branded mountain bikes, road bikes, folding bicycles and tandem bikes.
Today Solomo is a mid to high-end bike brand in China and the company is employing 300 people. The annual turnover is estimated at 114 million yuan (15.8 million euro).