Suzhou Hesheng Special Material Co.,Ltd. cancelled the acquisition of additional 72.38% stake in Xiamen Jinyingma Film & Television Culture Co., Ltd. from Teng Zhan, Liu Jianli, Yang Li and 20 other individuals.
October 09, 2014 at 05:00 am
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Suzhou Hesheng Special Material Co.,Ltd. (SZSE:002290) signed an agreement to acquire additional 72.38% stake in Xiamen Jinyingma Film & Television Culture Co., Ltd. from Teng Zhan, Liu Jianli, Yang Li and 20 other individuals for approximately CNY 740 million in cash and stock on April 17, 2014. Under the terms of the deal, 53.33% stake in Xiamen Jinyingma will be acquired from Teng Zhan, 6.7% from Liu Jianli, 6.15% from Yang Li and remaining 6.2% from 20 other individuals. Under the terms of the transaction, Teng Zhan will receive CNY 174.9 million of cash and 35.5 million of stock and the remaining shareholders will receive 18.3 million in stock of Suzhou Hesheng. Suzhou Hesheng Special Material will raise supporting funds of CNY 181 million by way of new share issuance, CNY 174.9 million of which will be used to fund the cash portion of the deal.
The other 20 sellers are Hou Lijuan, Geng Shuangshuang, Li Zengfu, Tian Yuanhong, Jing Gang, Guo Hong, Wang Hong, Chen Zhikang, Yan Jing, An Jun, Jiang Mei, Ren Zhengbin, Xie Lan, Zhang Yuliang, Zhang Jintong, Zhang Jinshan, Jin Shuyun, Song Xiangyun, Liu Jing, Kong Lin. After the completion of the transaction, Suzhou Hesheng Special Material will own 98.88% stake in Xiamen Jinyingma. The transaction was approved at the Board of Directors meeting of Suzhou Hesheng Special Material on April 17, 2014. Chinalion Securities Co., Ltd. acted as financial advisor for Suzhou Hesheng Special Material.
Suzhou Hesheng Special Material Co.,Ltd. (SZSE:002290) cancelled the acquisition of additional 72.38% stake in Xiamen Jinyingma Film & Television Culture Co., Ltd. from Teng Zhan, Liu Jianli, Yang Li and 20 other individuals on October 9, 2014. The cancellation has been approved by Board of Directors of Suzhou Hesheng Special Material.
Suzhou Hesheng Special Material Co Ltd, formerly Suzhou China Create Special Material Co Ltd, is a China-based company principally engaged in the research, development, manufacture and sale of composite materials for surface components of home appliances. The Companyâs products portfolio consists of pre-coated metal (PCM) sheets, which are used as skin plate materials and side and back plate materials for home appliances, including refrigerators and washing machines, and vinyl coated metal (VCM) sheets, which are used as skin plate materials for home appliances, including refrigerators, washing machines and electrical heating machines. Through its subsidiaries, the Company is also engaged in the research, development, manufacture and sale of coating composite materials. The Company distributes its products within domestic market and to overseas markets.
Suzhou Hesheng Special Material Co.,Ltd. cancelled the acquisition of additional 72.38% stake in Xiamen Jinyingma Film & Television Culture Co., Ltd. from Teng Zhan, Liu Jianli, Yang Li and 20 other individuals.