ZheJiang KangLongDa Special Protection Technology Co., Ltd signed intent agreement to acquire unknown minority stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. from Dong Aihua and Li Jinping.
September 13, 2021
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ZheJiang KangLongDa Special Protection Technology Co., Ltd (SHSE:603665) signed intent agreement to acquire unknown minority stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. from Dong Aihua and Li Jinping on September 13, 2021. ZheJiang KangLongDa Special Protection Technology Co., Ltd (SHSE:603665) signed equity transfer agreement to acquire a 16.67% stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. from Yichun Bingwu Tiancheng Management Consulting Center (Limited Partnership), Yichun Yiyuan Lithium Consulting Center (Limited Partnership), Dong Aihua and Li Jinping on October 19, 2021. In related transaction, ZheJiang KangLongDa Special Protection Technology Co., Ltd will acquire a 16.66% stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. through capital increase on September 13, 2021. After completion of the transaction, ZheJiang KangLongDa Special Protection Technology will hold 33.33% stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. The transaction will be funded with its own or self-raised funds of CNY 100 million. As of August 31, 2021, Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. has reported total assets of CNY 97.3 million and net assets of CNY 40.4 million. This transaction has been reviewed and approved at the fourteenth meeting of the ZheJiang KangLongDa Special's fourth board of directors, and there is no need to submit it to the shareholders meeting for deliberation.
Zhejiang Kanglongda Special Protection Technology Co., Ltd. is principally engaged in research and development, design, manufacture and sales of protective gloves and mittens. The Company's main products include wear gloves, cutting resistance gloves, tear resistance gloves, crash resistance gloves, chemical protective gloves, antistatic gloves, heat resistance gloves and freeze resistance gloves, among others. Its products are mainly applied in the fields of architecture, power, electronics, automobiles, machine manufacturing, metallurgy, petrifaction and digging. The Company distributes its products within the domestic market and to overseas market.
ZheJiang KangLongDa Special Protection Technology Co., Ltd signed intent agreement to acquire unknown minority stake in Jiangxi Bingwu Tiancheng Environmental Technology Co., Ltd. from Dong Aihua and Li Jinping.