An unknown buyer cancelled the acquisition of Huaibei Xulou Mining Co., Ltd and Loufan County Ludi Mining Co., Ltd and 70% stake in Shandong Shengxin Mining Co., Ltd from ShanDong Geo-Mineral Co.,Ltd and Shandong Ludi Geo-Mining Investment Co., Ltd.
June 21, 2019
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An unknown buyer agreed to acquire Huaibei Xulou Mining Co., Ltd and Loufan County Ludi Mining Co., Ltd and 70% stake in Shandong Shengxin Mining Co., Ltd from ShanDong Geo-Mineral Co.,Ltd and Shandong Ludi Geo-Mining Investment Co., Ltd for CNY 1.1 billion on June 22, 2018. Under the terms, 30% of the total consideration will be paid within 5 days since the signing of the final asset transactional contract and another 25% of the total consideration will be paid within 50 days since the signing of the final asset transactional contract and the rest of the price will be paid within a year since the signing of the final asset transactional contract. Pre-acquisition, Huaibei Xulou Mining Co., Ltd., is currently owned as 51% by Shandong Ludi Geo-Mining Investment Co., Ltd. and 49% by ShanDong Geo-Mineral Co.,Ltd. Loufan County Ludi Mining Co., Ltd is currently owned as 60% by Shandong Ludi Geo-Mining Investment Co., Ltd. and 40% by ShanDong Geo-Mineral Co.,Ltd. Shandong Shengxin Mining Co., Ltd. is currently owned as 70% by Shandong Ludi Geo-Mining Investment Co., Ltd. and 30% by Shandong Huarong Venture Capital Co., Ltd.
The deal is subject to approval from the shareholders of ShanDong Geo-Mineral Co.,Ltd at the meeting. The transaction has been approved by the shareholders of Shandong Shengxin Mining Co., Ltd at the respective shareholders’ meetings held on June 22, 2018. The transaction has been approved by the shareholders of Loufan County Ludi Mining Co., Ltd. and Huaibei Xulou Mining Co., Ltd at the respective shareholders’ meetings held on June 23, 2018. The transaction has been approved by the controlling shareholder of the buyer at the meeting held on July 26, 2018. The transaction has been approved by the Board of Directors of ShanDong Geo-Mineral Co.,Ltd at the 2018 7th extraordinary meeting of the 9th directorate held on June 28, 2018 and 2018 9th extraordinary meeting of the 9th directorate held on August 15, 2018.
Xue Jun, Zhan Zhan, Fang Ping, Hu Leihua, Zhong Yichen, Pan Zhiyuan and Yan Yidao of Shenwan Hongyuan Securities Underwriting Sponsor Co., Ltd acted as financial advisors, Fu Yuying and Qi Shubo of Yingke Law Firm acted as legal advisors, Hao Shuping, Xie Le and Li Jiazhong of China Audit Asia Pacific Certified Public Accountants (Special General Partnership) acted as accountants, Sun Jianmin, Sun Shengnan and Zhang Yingli of Beijing Tianjian Industrial Assets Evaluation Co., Ltd and Li Xiaochun and Wang Lei of Shandong Tianpingxin Co., Ltd acted as appraisers for ShanDong Geo-Mineral Co.,Ltd.
An unknown buyer cancelled the acquisition of Huaibei Xulou Mining Co., Ltd and Loufan County Ludi Mining Co., Ltd and 70% stake in Shandong Shengxin Mining Co., Ltd from ShanDong Geo-Mineral Co.,Ltd and Shandong Ludi Geo-Mining Investment Co., Ltd on June 22, 2019.
Yunding Technology Co Ltd, formerly ShanDong Geo-Mineral Co Ltd, is a China-based company principally engaged in information technology service business and coal gasification technology promotion business. The Company operates business through two segments. The Information Technology Service Business segment, through its subsidiary, provides customers with characteristic information, intelligent solutions and closed-loop services from planning, design, integration to operation and maintenance. The Coal Gasification Technology Promotion Business segment, through its subsidiary, is mainly engaged in coal gasification technology implementation license, technology research and development, technical services and technical training business. The Company mainly conducts business in the domestic market.
An unknown buyer cancelled the acquisition of Huaibei Xulou Mining Co., Ltd and Loufan County Ludi Mining Co., Ltd and 70% stake in Shandong Shengxin Mining Co., Ltd from ShanDong Geo-Mineral Co.,Ltd and Shandong Ludi Geo-Mining Investment Co., Ltd.
YUNDING TECHNOLOGY CO.,LTD. 
