On December 13th, 2005, First Shanghai Invesments Limited, majority shareholder of Geoby International, which serves as the holding company for Jiangsu Goodbaby Group Corporation Ltd., announced that it had entered into a definitive agreement to dispose all of its shares in Geoby.

Under the agreement, First Shanghai, along with other institutional investors of Geoby, will sell all of their respective shares in Geoby to G-baby, a holding company controlled by Pacific Alliance Group, a Hong-Kong-based buyout firm. The transaction, which involved a total consideration in excess of $120,000,000 including $55,000,000 in bank financing, was closed on January 26, 2006. According to ChinaVenture, a local research firm focusing on the private equity market, this was China's first leveraged buyout deal commenced by a foreign buyout firm with the help of non-PRC banks.

Goodbaby is the world's leading stroller and baby products manufacturer with total sales reaching US$300 million in 2005.

China eCapital, a leading private investment bank in China, advised Goodbaby and PUD, a holding vehicle for the management shareholders of Goodbaby, in the transaction.