Zhang Zhongshu agreed to acquire 5% stake in Beijing Kaide Quartz Co.,Ltd from Jiangsu Pacific Quartz Co., Ltd for CNY 18 million.
December 16, 2019
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Zhang Zhongshu agreed to acquire 5% stake in Beijing Kaide Quartz Co.,Ltd from Jiangsu Pacific Quartz Co., Ltd (SHSE:603688) for CNY 18 million on December 17, 2019. In a related transaction Fenyi ChuanLiuchangfeng New Material Investment Partnership(Limited Partnership) agreed to acquire 5% stake in Beijing Kaide Quartz Co.,Ltd from Jiangsu Pacific Quartz Co., Ltd (SHSE:603688) for CNY 25.7 million on December 17, 2019. Under the terms, Zhang Zhongshu will pay CNY 7 per share constituting of CNY 17.99 million to Jiangsu Pacific Quartz within 20 days after signing the agreement. The financials of Beijing Kaide Quartz Co.,Ltd for the year 2018 are total assets of approximately CNY 160 million, net assets of approximately CNY 140 million, total revenue of approximately CNY 110 million and net profit of CNY 19.7 million.
JIANGSU PACIFIC QUARTZ CO.,LTD. is a China-based company principally engaged in the research, development, production and sale of quartz materials. The Company's main products include quartz tubes and rods, high purity quartz sand and quartz crucibles. The Company's products are mainly used in the areas of light sources, photovoltaic, optical fibers and semiconductors. The Company distributes its products in domestic market and to overseas markets.