Chenxun Industrial Co., Ltd. completed the acquisition of 21.24% stake in Zhejiang Kingland Pipeline and Technologies Co.,Ltd. from Horgos Wanmulong Equity Investment Co., Ltd.
March 21, 2023
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Chenxun (Shanghai) Industrial Co., Ltd. intends to acquire a 21.21% stake in Zhejiang Kingland Pipeline and Technologies Co.,Ltd. (SZSE:002443) from Horgos Wanmulong Equity Investment Co., Ltd. for approximately CNY 970 million on December 28, 2022. Chenxun (Shanghai) Industrial Co., Ltd. entered into an agreement to acquire a 21.21% stake in Zhejiang Kingland Pipeline and Technologies Co.,Ltd. (SZSE:002443) from Horgos Wanmulong Equity Investment Co., Ltdapproximately CNY 970 million on January 16, 2023. Under the terms, 110.559279 million shares will be acquired under the transaction. Currently Horgos Wanmulong Equity Investment holds 21.24% stake in Zhejiang Kingland. Post acquisition, Horgos Wanmulong will not hold any shares in Zhejiang Kingland Pipeline. As of March 13, 2023, Transaction is approved by State-owned Assets Supervision and Administration Commission of Weifang and State Administration for Market Regulation.
Chenxun (Shanghai) Industrial Co., Ltd. completed the acquisition of 21.24% stake in Zhejiang Kingland Pipeline and Technologies Co.,Ltd. (SZSE:002443) from Horgos Wanmulong Equity Investment Co., Ltd. on March 22, 2023.
ZHEJIANG KINGLAND PIPELINE AND TECHNOLOGIES CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of welded steel pipes. The Company's products consist of galvanized steel pipes, helical weld pipes, steel composite tubes, high frequency welding (HFW) steel pipes, submerged arc welding (SAW) pipes, painted tailpipes and others. The Company distributes its products within domestic market and to overseas markets.
Chenxun Industrial Co., Ltd. completed the acquisition of 21.24% stake in Zhejiang Kingland Pipeline and Technologies Co.,Ltd. from Horgos Wanmulong Equity Investment Co., Ltd.