Zhejiang Fuchunjiang Communication Group Co., Ltd. Sun Qingyan, Zhang Xuyong, Zheng Xiuhua, Zhang Leying, Hua Jianfei, Lu Chunxiao, Wang Liang, Li Xiaodong, Yan Guorong and Lu Qun completed the acquisition of Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Hangzhou Cable Co., Ltd..
July 17, 2019
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Zhejiang Fuchunjiang Communication Group Co., Ltd., Sun Qingyan, Zhang Xuyong, Zheng Xiuhua, Zhang Leying, Hua Jianfei, Lu Chunxiao, Wang Liang, Li Xiaodong, Yan Guorong and Lu Qun intends to acquire Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Hangzhou Cable Co., Ltd. (SHSE:603618) for approximately CNY 510 million on March 29, 2019. As per the terms of the transaction, the first installment for 51% of the consideration will be paid at the time of approval by the shareholders’ meeting of Hangzhou Cable which must be obtained before May 31, 2019. The second installment for the rest of the consideration will be paid within 6 months since completion of change of registry procedures. As on June 5, 2019, approximately CNY 430 million will be paid as a part of the consideration out of which 51% has already been paid and rest 49% will be paid within six months of completion of registration. The transaction does not include the sale of Hangzhou Yongte Information Technology Co., Ltd. The transaction is subject to approval of the shareholders of Hangzhou Cable. On March 29, 2019, the 26th meeting of the 3rd directorate was held where the transaction was approved by the Board of Directors of Hangzhou Cable.
Zhejiang Fuchunjiang Communication Group Co., Ltd. Sun Qingyan, Zhang Xuyong, Zheng Xiuhua, Zhang Leying, Hua Jianfei, Lu Chunxiao, Wang Liang, Li Xiaodong, Yan Guorong and Lu Qun completed the acquisition of Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Hangzhou Cable Co., Ltd. (SHSE:603618) on July 18, 2019.
Hangzhou Cable Co., Ltd. is a China-based company principally engaged in the research and development, production and sales of wire and cable products. The Company is also involved in the provision of related services. The company's main products include aluminum alloy wires, power cables, UHV cables, special power cables, rubber cables, overhead wires, aluminum alloy wires, aluminum clad steel wires, plastic wires, overhead cables, control cables and mining cables.
Zhejiang Fuchunjiang Communication Group Co., Ltd. Sun Qingyan, Zhang Xuyong, Zheng Xiuhua, Zhang Leying, Hua Jianfei, Lu Chunxiao, Wang Liang, Li Xiaodong, Yan Guorong and Lu Qun completed the acquisition of Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Hangzhou Cable Co., Ltd..