Chunlan Industrial Co., Ltd. agreed to acquire Zhenjiang Rungang Chemical Co Ltd. from Great Chinasoft Technology Co.,Ltd. for CNY 55 million.
November 16, 2020
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Chunlan (Shanghai) Industrial Co., Ltd. agreed to acquire Zhenjiang Rungang Chemical Co Ltd. from Great Chinasoft Technology Co.,Ltd. (SZSE:002453) for CNY 55 million on November 13, 2020. The transaction consideration will be paid in three installments which consist of an initial payment of the consideration for the 51% equity of Zhenjiang Rungang within 10 days after the signing of the agreement, the consideration for 30% of Zhenjiang Rungang to be paid no later than December 15, 2020 and the consideration for the remaining 19% of Zhenjiang Rungang to be paid no later than June 30, 2021. Zhenjiang Rungang reported total assets of CNY 39.9 million and net assets of CNY 34.7 million in the year ending on September 30, 2020 while it also reported revenues of CNY 11.7 million and net loss of CNY 4.7 million in the year ending on December 31, 2019. The deal was approved by the Board of Directors of Great Chinasoft.
Great Chinasoft Technology Co., Ltd, formerly Suzhou Tianma Specialty Chemicals Co., Ltd., is a China-based company principally engaged in the research, development, manufacture and distribution of fine chemical products. The Company primarily provides paper making chemicals, including paper making sizing agent, alkyl ketene dimmer (AKD) raw powders and AKD emulsion; pharmaceutical intermediates, including amino acid protective agents and protected amino acids series products, pesticide intermediates, as well as phosgene derivatives and others. It is also engaged in the provision of phosgene processing services, as well as supply chain management and software development and sales businesses. The Company conducts its businesses in both domestic and overseas markets.
GREAT CHINASOFT TECHNOLOGY CO.,LTD. 
