Shandong Zhangqiu Blower Co., Ltd entered into an agreement to acquire 10% stake in Guangzhou Totall New Material Technology Co., Ltd. for CNY 3.4 million.
August 14, 2020
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Shandong Zhangqiu Blower Co., Ltd (SZSE:002598) entered into an agreement to acquire 10% stake in Guangzhou Totall New Material Technology Co., Ltd. for CNY 3.4 million on August 14, 2020. As a result of transaction, Shandong Zhangqiu will hold 10% stake in Guangzhou Totall. As of December 31, 2019, Guangzhou Totall recorded total assets of CNY 26.6 million, net asset of CNY 17.3 million, revenue of CNY 18.3 million, operating profit of CNY 5.4 million, and net profit of CNY 4.8 million. The transaction was approved by Board of Shandong Zhangqiu Blower.
Shandong Zhangqiu Blower Co., LTD is a China-based company principally engaged in the research, development, design, manufacture and sale of blowers, slurry pumps, pneumatic conveying products, mining machinery and electrical start-up cabinets. The Company's main products include Roots blowers, multistage centrifugal blowers and ventilators. The Company's products are used in electric power, petroleum, chemical, fertilizer, steel, smelting, oxygen production, cement, food, textile, papermaking, dusting, aquaculture, sewage treatment, pneumatic conveying and air separation industries. The Company distributes its products in domestic market.
Shandong Zhangqiu Blower Co., Ltd entered into an agreement to acquire 10% stake in Guangzhou Totall New Material Technology Co., Ltd. for CNY 3.4 million.
SHANDONG ZHANGQIU BLOWER CO., LTD 
