Chuying Agro-pastoral Group Co., Ltd cancelled the acquisition of 5% stake in BANK OF CTS. JZ from Henan Hongbao Group Co., Ltd.
December 28, 2016
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Chuying Agro-pastoral Group Co., Ltd (SZSE:002477) agreed to acquire 5% stake in BANK OF CTS. JZ from Henan Hongbao Group Co., Ltd for approximately CNY 19 million on December 29, 2015. Chuying Agro-pastoral Group will acquire 13.5 million shares in the deal. In the related transaction, Chuying Agro-pastoral Group Co., Ltd (SZSE:002477) will subscribe to 150 million new shares. As of December 31, 2014, Bank Of CTS. JZ had total assets of approximately CNY 27 billion, net assets of approximately CNY 2.8 billion, total revenue of approximately CNY 760 million and net profit of approximately CNY 250 million. As of December 29, 2015, the board of directors of Chuying Agro-pastoral Group Co., Ltd have approved the transaction.
Chuying Agro-pastoral Group Co., Ltd (SZSE:002477) cancelled the acquisition of 5% stake in BANK OF CTS. JZ from Henan Hongbao Group Co., Ltd on December 29, 2016.
Chuying Agro-Pastoral Group Co Ltd is a China-based company principally engaged in the breeding and distribution of livestock and related products. The Company primarily provides live pig products, including commodity piglets, boars and commodity hogs, as well as livestock products, among others. The Company is also engaged in the distribution of grain, vegetables, frozen products and processed food, as well as the provision of Internet breeding resource platform and other services. The Company mainly distributes its products within domestic markets.