Fujian Xunxing Group Co., Ltd. cancelled the acquisition of stake in 7 companies from Fujian SBS Zipper Science&Technology Co., Ltd.
May 09, 2019
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Fujian Xunxing Group Co., Ltd. intends to acquire 100% stake in Fujian Jinjiang SBS Zipper Technology Co., Ltd., 100% stake in SBS International Development Co., Ltd., 100% stake in Chengdu SBS Zipper Manufacturing Co., Ltd., 100% stake in Tianjin SBS Zipper Technology Co., Ltd., 100% stake in Dongguan SBS Zipper Technology Co., Ltd., 75% stake in Shanghai SBS Zipper Technology Co., Ltd. and a 0.92% stake in Fujian Jinjiang Rural Commercial Bank Co., Ltd. from Fujian SBS Zipper Science&Technology Co., Ltd (SZSE:002098) for CNY 1.2 billion on May 10, 2018. Final price will be decided at the time of signing of the final formal equity transfer agreement. Under the terms of the transaction, a first installment of CNY 300 million should be paid within 10 days since approval from the shareholders’ meeting of Fujian SBS Zipper Science&Technology Co., Ltd, second installment of CNY 560 million should be paid within 10 days since delivery of underlying equity and extant compensation should be paid within 10 days since transfer of all relevant assets of the target companies. The transaction is subject to approval by shareholders of Fujian SBS Zipper Science&Technology Co., Ltd. The transaction is approved by the shareholders of Fujian Xunxing Group Co., Ltd. and by the Board of Fujian SBS Zipper Science&Technology Co., Ltd on May 10, 2018. China Securities Co., Ltd. acted as financial advisor for Fujian SBS Zipper Science&Technology Co., Ltd.
Fujian Xunxing Group Co., Ltd. cancelled the acquisition of stake in 7 companies from Fujian SBS Zipper Science&Technology Co., Ltd (SZSE:002098) on May 10, 2019.
FUJIAN SBS ZIPPER SCIENCE&TECHNOLOGY CO., LTD is a China-based company principally engaged in the design, manufacture and sales of zipper products. The Company's products include nylon chain zippers, metal chain zippers, plastic steel zippers, nylon finished zippers, metal finished zippers and plastic steel finished zippers, as well as zipper sliders, molds, buttons and other products. The Company distributes its products in domestic and overseas markets.