Hangzhou Dadi Haiyang Environmental Protection Co., Ltd. (SZSE:301068) agreed to acquire Zhejiang Huge Environment Ltd. from a group of shareholders for CNY 910 million on January 21, 2022. As on June 30, 2021, Zhejiang Huge Environment Ltd. generates total assets for CNY 239.9 million and net assets of CNY 66.2 million. The transaction is subject to approval of offer by Hangzhou Dadi Haiyang Environmental Protection Co., Ltd. board, shareholders, Zhejiang Huge Environment Co., Ltd. shareholders and regulatory board. Sinolink Securities Co., Ltd. (SHSE:600109) acted as financial advisor, AllBright Law Offices acted as legal advisor and BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant to Hangzhou Dadi Haiyang Environmental Protection Co., Ltd. As of September 28, 2022, Shenzhen Hui Chuang Da Technology on July 8, 2022, in second EGM meeting of shareholders in 2022 to review and approve the MA transaction and the accompanying PP for raising supporting funds. As of April 17, 2023, Zhejiang Huge Environment Co., Ltd. reported Reveune of CNY 431.19 million, Total Assets of CNY 278.87 million , Net Assets of CNY 157.72 million, Net Profit of CNY 71.52 million on December 31, 2022. As of June 16, 2023, the Shenzhen Stock Exchange decided to terminate the review of the transaction.
Hangzhou Dadi Haiyang Environmental Protection Co., Ltd. (SZSE:301068) cancelled the acquisition of Zhejiang Huge Environment Ltd. from a group of shareholders on September 15, 2023.