Examples of PRC Subsidiary in a sentence
The PRC Subsidiary B has the right to make early repayment for all or part of the Dragon’s Loan without incurring any expenses.
Therefore, upon the Completion, the grant of Dragon’s Loan by Dragon Holdings to the PRC Subsidiary B, which will become an indirect wholly-owned subsidiary of the Company upon the Completion, will constitute a financial assistance by connected person to the Company.
The PRC Subsidiary has therefore been deconsolidated from the consolidated financial statements of the Group and recognised as an available-for-sale investment from 1 December 2009 onwards.
As the original acquisition cost for both the transfer (1) from Independent Third Party to Dragon Holdings and (2) from Dragon Holdings to PRC Subsidiary A are approximately at RMB100 million, the Board noted that the Consideration represents approximately five times of the original acquisition cost.
After Party A sold 51% interests of PRC Subsidiary B in DH Acquisition 1 to Dragon Holdings in 2015, Party B remained as shareholder of PRC Subsidiary B due to his local knowledge and local relations, however was a passive investor and operator as he had minimal involvement in major decision-making.