Zhejiang Jiuli Hi-Tech Metals Co., Ltd. cancelled the acquisition of 70% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd from Feng Yongsen.
January 28, 2017
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Zhejiang Jiuli Hi-Tech Metals Co., Ltd. (SZSE:002318) signed an agreement to acquire 70% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd from Feng Yongsen for CNY 5.4 million on January 29, 2016. The transfer price will be paid in 2 phases. After the transaction, Zhejiang Jiuli Hi-Tech Metals Co., Ltd will hold 70% stake and Feng Yongsen will hold 30% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd. After the transaction, Zhejiang Jiuli Hi-Tech Metals Co., Ltd and Feng Yongsen will carry out a capital increase in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd. As of October 31, 2015, Huzhou Huate Stainless Steel Tubes Manufacturing reported total assets of CNY 68.46 million, net liabilities of CNY 4.58 million, revenues of CNY 54.42 million and net loss after deducting nonrecurring profit and loss of CNY 3.78 million. The Board of Zhejiang Jiuli Hi-Tech Metals Co., Ltd approved the transaction on February 3, 2016.
Zhejiang Jiuli Hi-Tech Metals Co., Ltd. (SZSE:002318) cancelled the acquisition of 70% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd from Feng Yongsen on January 29, 2017.
Zhejiang JIULI Hi-tech Metals Co. , Ltd. is a China-based company principally engaged in the research, development, production and distribution of industrial stainless steel seamless pipes and special alloy pipes and fittings. The Companyâs main products include nuclear power pipes, supercritical boiler tubes, nickel-based alloy oil well pipes, precision tubes, bimetallic composite pipes, duplex phase stainless steel tubes and instrumentation pipes, among others. The Company's products are mainly applied in petroleum, chemical, natural gas, electric equipment manufacturing and other industries. The Company distributes its products in domestic market and to overseas markets.