China Western Power Industrial Co., Ltd. cancelled the acquisition of 70% stake in Yingtan Hongteng Metal Products Co., Ltd. from Liu Bohui.
April 26, 2021
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China Western Power Industrial Co., Ltd. (SZSE:002630) agreed to acquire 70% stake in Yingtan Hongteng Metal Products Co., Ltd. from Liu Bohui for CNY 42 million on October 30, 2020. China Western Power Industrial Co., Ltd. will acquire stake from Liu Bohui for CNY 0 and will make payment obligations of CNY 42 million. After the transfer, Liu Bohui will still hold 30% in Yingtan Hongteng Metal Products Co., Ltd. As of September 30, 2020, Yingtan Hongteng Metal Products Co., Ltd. had total assets of CNY 16.9 million, net liabilities of CNY 0.05 million, revenue of CNY 65.4 million and net loss of CNY 0.05 million. The transaction has been approved in the 47th Meeting of the China Western Power Industrial Co., Ltd’s 4th Directorate and and does not need the shareholders approval.
China Western Power Industrial Co., Ltd. (SZSE:002630) cancelled the acquisition of 70% stake in Yingtan Hongteng Metal Products Co., Ltd. from Liu Bohui on April 27, 2021. As of April 27, 2021, China Western Power Industrial Co., Ltd. paid a total of CNY 13 million. The transaction was terminated due to change in economic environment and other factors, at the same time, the internal and external environments such as the macroeconomic situation, financial policies etc.
China Western Power Industrial Co., Ltd. is a China-based company, principally engaged in the manufacture and distribution of boilers and related products. The Company operates its businesses through three segments. The Equipment Manufacturing segment is engaged in the design, manufacture and distribution of power station boilers, alkali recovery boilers, waste incineration power boilers, as well as other industrial boilers, special boilers and others. The Engineering General Contracting segment is engaged in the general contracting of electric power engineering construction projects and municipal public engineering construction projects. The Investment and Operation segment is engaged in the long-term equity investment, as well as the investment and operation of power plants. The Company is also engaged in the provision of boiler ancillary products and others. The Company distributes its products within domestic market and to overseas markets.
CHINA WESTERN POWER INDUSTRIAL CO., LTD. 
