Liu Hailiang completed the acquisition of an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd. from Hangzhou Zhongheng Electric Co., Ltd.
April 29, 2020
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Liu Hailiang signed a share transfer agreement to acquire an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd. from Hangzhou Zhongheng Electric Co., Ltd (SZSE:002364) for CNY 14.7 million on March 26, 2020. Under the terms, Hangzhou Zhongheng Electric will transfer 36.83% stake in Hangzhou Zhongheng Paiwei Power to Liu Hailiang. After the acquisiition, Liu Hailiang will hold 47.44% stake in Hangzhou Zhongheng Power. The financials of Hangzhou Zhongheng Power for the year ended December 31, 2019 are total assets of CNY 42.9 million, total revenues of CNY 42.1 million, net assets of CNY 34.2 million, total loss of CNY 8.78 million and net loss of CNY 7.5 million. The transaction is approved by the Board of Directors of Hangzhou Zhongheng Electric. The transaction does not need approval of shareholders' of Hangzhou Zhongheng Electric.
Liu Hailiang completed the acquisition of an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd from Hangzhou Zhongheng Electric Co., Ltd (SZSE:002364) on April 30, 2020.
Hangzhou Zhonhen Electric Co Ltd is a China-based company primarily engaged in the provision of digital and energy products and solutions. The Company focuses on building a zero-carbon smart society. The Company's main products include communication power systems, data center power supplies and power operation power systems. The Company's products are mainly used in green information and communications technology (ICT) infrastructure, new power systems and integrated energy services. The Company is also engaged in the development, sales and services of software, power management services and engineering business, as well as energy storage project business. The Company mainly conducts its businesses in domestic and overseas markets.
Liu Hailiang completed the acquisition of an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd. from Hangzhou Zhongheng Electric Co., Ltd.