Qingdao Kutesmart Co., Ltd. (300840.SZ) is planning to acquire a controlling stake in the South Korean apM Group.

Qingdao Kutesmart Co., Ltd. (300840.SZ) announced that its subsidiary, Aijia International (Investment) Development Co., Ltd., is planning to acquire the controlling stake of the main operating companies within the South Korean apM Group, controlled by Seok Joo Hyung and Song See Yong (the actual controlling persons of the apM Group). According to the announcement, the target of this transaction is the 50% stake in the main companies within the apM Group that are directly related to the operation of the clothing industry in Seoul Dongdaemun, South Korea. These companies provide services to approximately 1,100 independent clothing designer brands in three shopping malls in Seoul Dongdaemun, collecting revenue from rent, management, and operation services.