An unknown buyer signed a share transfer letter of intent to acquire 70% stake in Beijing Vanfund Xinrun Fund Management Co., Ltd. from Vanfund Urban Investment and Development Co., Ltd. for CNY 40 million.
January 10, 2018
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An unknown buyer signed a share transfer letter of intent to acquire 70% stake in Beijing Vanfund Xinrun Fund Management Co., Ltd. from Vanfund Urban Investment and Development Co., Ltd. (SZSE:000638) on January 9, 2018. As on June 4, 2018, the buyer signed an equity transfer agreement to acquire 70% stake in Beijing Vanfund Xinrun Fund Management Co., Ltd. from Vanfund Urban Investment and Development Co., Ltd. for CNY 40 million. Under the terms of transaction, the consideration will be paid in two installments of 50% of the transaction price each. As on June 15, 2018, buyer carried out the first payment of CNY 20 million.
As of year ending December 31, 2017, Beijing Vanfund Xinrun Fund Management Co., Ltd. reported total assets of CNY 80.3 million and net assets of CNY 54.3 million. For the year ending December 31, 2017, Beijing Vanfund Xinrun Fund Management Co., Ltd. reported revenue of CNY 9.9 million, operating loss of CNY 0.66 million and net loss of CNY 0.49 million. The transaction is subject to approval from shareholders of Vanfund Urban Investment and Development Co., Ltd. As on June 4, 2018, the transaction has been approved by the Board of Vanfund Urban Investment and Development Co., Ltd. As on June 20, 2018, the shareholders of Vanfund Urban Investment and Development Co., Ltd. approved the deal.
Vanfund Urban Investment and Development Co Ltd is a China-based company primarily engaged in the military business, agricultural business and biological health business. The Company mainly operates three business sectors. The military business sector is engaged in the development, industrialization and promotion of electronic packaging new materials and products including high silicon aluminum alloys, gradient silicon aluminum composite materials and heterogeneous structural functional materials, and precision processing and special welding manufacturing of metal functional parts. The agricultural business sector is engaged in the grain storage, grain processing, grain sales, brand creation and others. The biological health sector is engaged in the research and development and sales of astaxanthin eggs and skin care products. The Company conducts its business in the domestic market.
An unknown buyer signed a share transfer letter of intent to acquire 70% stake in Beijing Vanfund Xinrun Fund Management Co., Ltd. from Vanfund Urban Investment and Development Co., Ltd. for CNY 40 million.
VANFUND URBAN INVESTMENT AND DEVELOPMENT CO., LTD. 
