Xiamen Yanghang Business Service Co., Ltd. cancelled the acquisition of 5% stake in Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd..
September 23, 2020
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Xiamen Yanghang Business Service Co., Ltd. signed an equity transfer agreement to acquire 5% stake in Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd. (SZSE:300478) for CNY 39 million on September 24, 2019. Xiamen Yanghang Business Service Co., Ltd. will acquire 6.33 million shares at CNY 20.5253 per share. The payment will be done in 2 installments. The first installment of 30% of the consideration will be payable within 5 working days since signing of the agreement and the second installment of 70% of the consideration will be payable within 10 working days since delivery of underlying equity. Xiamen Yanghang Business Service Co., Ltd will hold 5% stake after the transaction. In a related transaction, Jiang Linchuan signed an equity transfer agreement to acquire additional 5% stake in Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd. for CNY 39 million on September 24, 2019. The transaction is subject to Audit and approval by the Shenzhen Stock Exchange. The transaction has already obtained approval from the internal decision making units of the relevant parties. The transaction has been reviewed and approved by the board of directors and shareholders meeting of Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd.
Xiamen Yanghang Business Service Co., Ltd. cancelled the acquisition of 5% stake in Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd. (SZSE:300478) on September 24, 2020.
Hangzhou Gaoxin Materials Technology Co Ltd, formerly Hangzhou Gaoxin Rubber & Plastic Materials Co Ltd, is a China-based company mainly engaged in the research, development, production and sales of polymer materials for cables. The Company's main products include special Polyvinyl chloride (PVC) cable materials, special polyethylene and cross-linked polyethylene cable materials, halogen-free low-smoke flame retardant cable materials, rubber-plastic modified elastomers, general PVC cable materials and chemical cross-linked cable material. The Company's products are mainly used in power grids, solar energy, nuclear power, wind energy, hydropower, rail transit, ships, mining, communications, construction, aerospace and other fields. The Company mainly conducts its businesses in the domestic market.
HANGZHOU GAOXIN MATERIALS TECHNOLOGY CO., LTD. 
