Create Technology & Science Co.,Ltd. signed an agreement to acquire a 55% stake in Shanghai BAIF Technology Co., Ltd. from Xu Ying, He Jihong and Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership) for CNY 82.4 million.
December 24, 2020
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Create Technology & Science Co.,Ltd. (SZSE:000551) signed an agreement to acquire a 55% stake in Shanghai BAIF Technology Co., Ltd. from Xu Ying, He Jihong and Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership) for CNY 82.4 million on December 21, 2020. Under the term, Create Technology & Science will acquire 17.05 million shares of Shanghai BAIF Technology in two batches, the first acquisition of 12.21 million shares, the second acquisition of 4.84 million shares. Post completion, Create Technology & Science will hold 55% stake in Shanghai BAIF Technology. The funds required for this acquisition project shall be raised by Create Technology & Science itself. As of February 10, 2021, Create Technology & Science Co.,Ltd. completed the acquisition of 39.4% stake in Shanghai BAIF Technology Co., Ltd. A total of 12.2 million shares in Create Technology & Science Co.,Ltd., were transferred as of February 10, 2021. As a result of this event, Create Technology & Science Co.,Ltd., now holds 39.375%, Xu Ying holds 34.725% and He Jihong holds 23.40% equity in Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership). Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership) no long holds any equity in Shanghai BAIF Technology Co., Ltd. According to the "Share Transfer Agreement", the second share transfer event i.e., Xu Ying holds 2.9 million shares, He Jihong holds 1.9 million shares and a total of 4.8 million shares of Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership) will be transferred through a specific matter agreement transfer or other transaction methods agreed upon by all parties after the remaining shares are lifted from the sale restriction. The transaction was reviewed and approved by the board of directors of Create Technology & Science on the 2020 seventh temporary meeting of the ninth board of directors held on December 21, 2020. On December 23, 2020, the transaction was approved by Suzhou Chuangyuan Investment & Development (Group) Co., Ltd. as authorized by the State-owned Assets Supervision and Administration Commission of the People’s Government of Suzhou. On December 25, 2020, the transaction has completed the approval of the matters related to this share transfer by an authorized state-owned approval agency or state-funded enterprise and completed all the state-owned assets procedures related to the equity transfer.
CREATE TECHNOLOGY & SCIENCE CO., LTD. is a China-based company mainly engaged in the manufacturing of special equipment and instruments. The Company operates through six business segments. The Clean and Environmental Protection Equipment and Installation segmentâs products include air cleaning equipment and systems, biosafety equipment and systems, energy saving and environmental protection equipment and systems, gas purification equipment and systems. The Transmission and Distribution High-voltage Insulator segment is engaged in the research and development, production and sales of various types of insulators. The Precision Bearing segment is engaged in the development, production and sales of bearings and rolling elements. The Company also operates the Measurement Instruments segment, Abrasives Abrasives segment and Trade and Services segment. The Company operates it businesses primarily within the domestic market.
Create Technology & Science Co.,Ltd. signed an agreement to acquire a 55% stake in Shanghai BAIF Technology Co., Ltd. from Xu Ying, He Jihong and Shanghai Beifen Management Consulting Partnership Enterprise (Limited Partnership) for CNY 82.4 million.