Bonjour founder Ye Junheng claimed to be misled by Cao Guizi and asked to cancel the share repurchase agreement

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Written by: Zhu Dixin

2021-05-24 18:29

Last update date: 2021-05-24 18:29

In 2016, Bonjour founder and former major shareholder Ye Junheng, through his holding company, repurchased his equity in Bonjour Beauty International from a company under the listed company Kangjian International Medical.

However, Ye pointed out that because the then Health and Wellness Executive Director Cao Guizi once said that within a specified period of time, investors will inject no less than 400 million yuan into Bonjour Beauty International and assist Bonjour Beauty International to list in Hong Kong. Ye will agree to 2016 Agreement.

However, Cao's statement was ultimately not realized. Ye filed a petition in the High Court last Friday (21st), requesting the court to order the 2016 agreement to be invalid.

The plaintiffs are Profit Castle Holdings Limited and Ye Junheng, and the defendants are Oasis Beauty Limited.

Profit Castle Holdings Limited is jointly owned by Ye Junheng and his wife Zhong Peiyun, while Oasis Beauty Limited is a company held by the listed company Kangjian International Medical.

Negotiated a repurchase agreement with Cao in 2016

The filing revealed that Kangjian acquired the entire equity of Bonjour Beauty International held by Bonjour Group in 2014 for a price of 423 million yuan.

The transaction was completed the following year, and Town Health purchased these shares through its Oasis Beauty.

In 2016, Cao Guizi was then the executive director of Health. On behalf of Kangjian and Oasis Beauty, he discussed with Profit Castle represented by Ye Junheng. Profit Castle purchased Oasis Beauty’s equity in Bonjour Beauty International at a price of 430 million yuan.

Alleged that Cao once said that some investors are willing to inject more than 400 million yuan

The plaintiff stated that Cao Guizi had made a number of statements to Ye before the agreement, including ensuring that an investor would inject no less than 400 million yuan into Bonjour Beauty International within a specified period of time and assisting Bonjour Beauty International to list in Hong Kong.

However, the plaintiff pointed out that Ye Jiancao's statements would only agree to the 2016 agreement, but Xiangkai's statement was not fulfilled in the end.

The plaintiff therefore requested the court to order the agreement to be invalid.

Case Number: HCA785/2021

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