Shanghai Kangyue Investment Management Co., Ltd. cancelled the acquisition of an additional 51% stake in Shanghai Yinyue Property Co., Ltd. from Yinyi Co., Ltd..
September 18, 2019
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Shanghai Kangyue Investment Management Co., Ltd. signed an agreement to acquire an additional 51% stake in Shanghai Yinyue Property Co., Ltd. from Yinyi Co., Ltd. (SZSE:000981) for approximately CNY 210 million on September 19, 2018. Prior to the transaction, Shanghai Kangyue Investment Management Co., Ltd. held 25% stake and Yinyi Co., Ltd. held 51% stake in Shanghai Yinyue Property Co., Ltd. After the transaction, Shanghai Kangyue Investment Management Co., Ltd. will hold 76% stake and Yinyi Co., Ltd. will hold no stake in Shanghai Yinyue Property Co., Ltd. Shanghai Yinyue Property Co., Ltd. reported total assets of CNY 1.39 billion and net assets of CNY 120.53 million as at December 31, 2017. Shanghai Yinyue Property Co., Ltd. reported revenues of CNY 244.85 million, operating loss of CNY 27 million and net loss of CNY 21.18 million in 2017. The Board of Directors of Yinyi Co., Ltd. approved the transaction.
Shanghai Kangyue Investment Management Co., Ltd. cancelled the acquisition of an additional 51% stake in Shanghai Yinyue Property Co., Ltd. from Yinyi Co., Ltd. (SZSE:000981) on September 19, 2019.
Sensteed Hi-Tech Group, formerly Yinyi Co Ltd, is a China-based company principally engaged in the research and development, manufacture and sales of automotive parts. The Company's main products include continuously variable transmissions and automotive airbag gas generators. The Company is also engaged in the development and sales of real estates, including residential communities, office buildings and commercial buildings. In addition, it also provides real estate management service. The Company conducts its businesses in domestic and overseas markets.
Shanghai Kangyue Investment Management Co., Ltd. cancelled the acquisition of an additional 51% stake in Shanghai Yinyue Property Co., Ltd. from Yinyi Co., Ltd..