Lingda Group Co., Ltd. completed the acquisition of 70% stake in Jinzhai Geri New Energy Technology Co., Ltd. from Jinzhai Zhenghai Jiayue Invesmtent Partnership Enterprise (Limited Partnership).
November 01, 2020
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Lingda Group Co., Ltd. (SZSE:300125) signed an agreement to acquire 70% stake in Jinzhai Geri New Energy Technology Co., Ltd. from Jinzhai Zhenghai Jiayue Invesmtent Partnership Enterprise (Limited Partnership) for approximately CNY 290 million on September 25, 2020. Jinzhai Geri New Energy Technology had total assets of CNY 1.1 billion and net assets of CNY 370.6 million as of June 30, 2020. Jinzhai Geri New Energy Technology had revenue of CNY 75.2 million, operating loss of CNY 13.1 million and net loss of CNY 9.9 million for the year ended December 31, 2019. Transaction is subject to approval of shareholders of Lingda Group. On September 25, 2020, Lingda Group held the third session of Lingda Group's 5th Directorate and approved the transaction. On September 25, 2020, Jinzhai Geri New Energy Technology held its shareholders’ meeting and approved the transaction. Lingda Group hired Zhongtai Securities Co., Ltd. as its independent financial advisor for the transaction. Fidelity Law Firm acted as legal advisor and Grant Thornton China acted as accountant for Lingda Group.
Lingda Group Co., Ltd. (SZSE:300125) completed the acquisition of 70% stake in Jinzhai Geri New Energy Technology Co., Ltd. from Jinzhai Zhenghai Jiayue Invesmtent Partnership Enterprise (Limited Partnership) on November 2, 2020. As on October 28, 2020, the Jinzhai County Administrative Examination and Approval Bureau approved the industrial and commercial change registration of Jinzhai Geri New Energy Technology Co., Ltd.
Lingda Group Co Ltd, formerly Dalian East New Energy Development Co Ltd, is a China-based company mainly engaged in investment business and photovoltaic power generation business. The Company operates five segments. The Photovoltaic Power Generation Business segment is engaged in the operation of photovoltaic power plants. The Commercial Factoring Business segment is engaged in factoring business. The Naked-eye 3 dimensions (3D) Business segment provides naked-eye 3D / XR general-purpose computing platforms and solutions. The Waste Heat Power Generation Business segment provides services for energy conservation and emission reduction through general contracting, engineering design, equipment manufacturing and complete sets and technical services. Its customers are mainly in the cement industry. The Company also operates Others segment. The Company's investment business areas involve naked-eye 3D, industrial hemp derivative processing and commercial factoring.
Lingda Group Co., Ltd. completed the acquisition of 70% stake in Jinzhai Geri New Energy Technology Co., Ltd. from Jinzhai Zhenghai Jiayue Invesmtent Partnership Enterprise (Limited Partnership).