Lü Renhong and Gong Xiangkai agreed to acquire a 51% stake in Qingdao Jiju Electromechanical Co., Ltd. for CNY 25.5 million.
May 13, 2022
Share
Lü Renhong and Gong Xiangkai agreed to acquire a 51% stake in Qingdao Jiju Electromechanical Co., Ltd. for CNY 25.5 million on April 27, 2022. As part of the transaction, Lü Renhong acquires an additional 11% stake for CNY 5.5 million and Gong Xiangkai acquires a 40% stake for CNY 20 million in Qingdao Jiju Electromechanical. Following transaction, Lü Renhong holds 60% and Gong Xiangkai holds 40% in Qingdao Jiju Electromechanical. The transaction is reviewed and approved in the twelfth meeting of the fourth board of directors of Qingdao Weflo Valve on April 27, 2022.
QINGDAO WEFLO VALVE CO LTD is a China-based company principally engaged in the design, research and development, manufacture and sales of valve products. The Company's main products include butterfly valves, fire-fighting valves, multi-function valves, globe valves, check valves, ball valves, rubber joints, filters, exhaust valves, balancing valves and bottom valves. Its products are mainly applied in urban water supply and drainage systems, fire water supply systems, air conditioning HVAC systems, and sewage treatment systems. The Company distributes its products with domestic market and to overseas markets.
QINGDAO WEFLO VALVE CO., LTD. 
