Jiangsu Yoke Technology Co., Ltd. completed the acquisition of an additional 45% stake in Jiangsu Ketemei New Materials Co., Ltd. from Xu Chundong.
September 15, 2020
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Jiangsu Yoke Technology Co., Ltd. (SZSE:002409) signed an equity transfer agreement to acquire additional 45% stake in Jiangsu Ketemei New Materials Co., Ltd. from Xu Chundong for approximately CNY 100 million on August 29, 2020. The total consideration shall be paid in cash with Jiangsu Yoke Technology to pay 50% of the equity transfer price to Xu Chundong on the date of signing this agreement and 50% of the equity transfer price to Xu Chundong within five working days from the completion of the industrial and commercial change registration procedures for this equity transfer. As a result of the transaction, Jiangsu Yoke Technology will hold 55% stake in Jiangsu Ketemei New Materials while Xu Chundong will hold 38% stake. In June 30, 2020, Jiangsu Ketemei New Materials reported a total assets of CNY 0.03 million, total common equity of CNY 0.02 million, total revenues of CNY 0.01 million, EBIT of CNY -1,442 and negative net income of CNY 1,283.
Jiangsu Yoke Technology Co., Ltd. (SZSE:002409) completed the acquisition of an additional 45% stake in Jiangsu Ketemei New Materials Co., Ltd. from Xu Chundong on September 16, 2020. Post completion, Jiangsu Ketemei New Materials Co., Ltd. will operates as a holding subsidiary of Jiangsu Yoke Technology Co., Ltd.
Jiangsu Yoke Technology Co., Ltd is a China-based company principally engaged in the research, development, production and sale of organic phosphate flame retardants and other rubber and plastic aids. The Companyâs main products portfolio consists of flame retardants for engineering products, flame retardants for polyurethane and others. The Company's flame retardants are mainly applied in chemical materials, carpets, raincoats, textile products and rubber products. The Company also provides tin salts, silicon oil and amine products, silicone surfactant for polyurethane, as well as catalysts for polyurethane and others. The Company distributes its products in domestic markets and to overseas markets.