Guangzhou Wanbao Group Co.,Ltd signed a letter of intent to acquire an additional 5% stake in Guangdong Jinming Machinery Co., Ltd. from Ma Zhenxin for approximately CNY 140 million.
January 07, 2020
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Guangzhou Wanbao Group Co.,Ltd signed a letter of intent to acquire an additional 5% stake in Guangdong Jinming Machinery Co., Ltd. (SZSE:300281) from Ma Zhenxin for approximately CNY 140 million on December 27, 2019. Guangzhou Wanbao Group Co.,Ltd signed the share transfer agreement acquire 5% stake in Guangdong Jinming Machinery Co., Ltd. from Ma Zhenxin on January 7, 2020. Under the transaction, Guangzhou Wanbao will acquire 20.95 million shares in Guangdong Jinming Machinery Co., Ltd. for CNY 6.67 per share. Within 10 working days after the agreement effective date, Guangzhou Wanbao must pay CNY 70 million to Ma Zhenxin and Within 5 working days after the delivery date of the shares, the Guangzhou Wanbao must pay the remaining price to Ma Zhenxin. As a result of the transaction, Guangzhou Wanbao will increase its stake in Guangdong Jinming Machinery Co from 8.57% to 13.57% while Ma Zhenxin will reduce its stake from 21.85% to 16.85%. The transaction is subject to approval of People’s Government of Guangzhou. The transaction has been approved by Board of Directors of Guangzhou Wanbao Group on December 27, 2019.
GUANGDONG JINMING MACHINERY CO., LTD. is principally engaged in the research, development, design, manufacture and distribution of plastic machines. The Company primarily provides film blow molding equipment, including equipment for packaging films, agricultural films, geomembrane and specialty films, as well as blow molding machines. Its products are applied in the manufacture of packaging films, agricultural films, geomembrane, specialty films, beverage bottles, oil tanks and automobile tanks, among others. The Company distributes its products in domestic market and to overseas markets. The Company also engages in development of intelligent equipments through its subsidiary.
Guangzhou Wanbao Group Co.,Ltd signed a letter of intent to acquire an additional 5% stake in Guangdong Jinming Machinery Co., Ltd. from Ma Zhenxin for approximately CNY 140 million.
GUANGDONG JINMING MACHINERY CO., LTD. 
