Shanghai KangDa New Materials Co., Ltd. cancelled the acquisition of 61% stake in Beijing Aerospace Hengrong Electromagnetic Technology Co., Ltd from Aerospace Industrial Development Corporation and Beijing Aerospace Hengda Technology Center (Limited Partnership).
March 24, 2020
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Shanghai KangDa New Materials Co., Ltd. (SZSE:002669) signed an equity transfer agreement to acquire 61% stake in Beijing Aerospace Hengrong Electromagnetic Technology Co., Ltd from Aerospace Industrial Development Corporation (TSEC:2634) and Beijing Aerospace Hengda Technology Center (Limited Partnership) for CNY 30.6 million on March 25, 2019. The consideration will be paid in 2 installments. First installment of 30% of the total consideration payable within 3 days since issuance of the corresponding property transaction certificate and second installment of 70% of the total consideration payable within 30 days since issuance of the corresponding property transaction certificate. The transaction has been funded by Shanghai KangDa New Materials own funds. As of August 5, 2019, Shanghai KangDa New Materials Co., Ltd. paid CNY 9.17 million out of total consideration.
Beijing Aerospace Hengrong Electromagnetic Technology reported total assets of CNY 52.2 million, net assets of CNY 48.8 million, operating revenue of CNY 0.81 million, operating loss of CNY 1.2 million and net loss of CNY 1.2 million as of December 31, 2018. The transaction still needs approval from the Board of Directors of Shanghai KangDa New Materials and does not need approval from Shanghai KangDa New Materials shareholders. The transaction is expected to be completed by the end of September 2019.
Shanghai KangDa New Materials Co., Ltd. (SZSE:002669) cancelled the acquisition of 61% stake in Beijing Aerospace Hengrong Electromagnetic Technology Co., Ltd from Aerospace Industrial Development Corporation (TSEC:2634) and Beijing Aerospace Hengda Technology Center (Limited Partnership) on March 25, 2020.
ADDSINO CO.,LTD., formerly CHINASCHOLARS GROUP CO,.LTD. is a China-based company principally engaged in the research, development, manufacture and distribution of command and control communication products, electronic Blue Force and simulation products and electromagnetic security products. The Company's main products include military communication products, experimental radio frequency simulation systems, experimental and field active target simulation systems, radar simulation systems, tactical training simulation systems and electromagnetic protection products, among others. The Company operates its business in domestic market, with North China, East China and southwest area of China as its main markets.
Shanghai KangDa New Materials Co., Ltd. cancelled the acquisition of 61% stake in Beijing Aerospace Hengrong Electromagnetic Technology Co., Ltd from Aerospace Industrial Development Corporation and Beijing Aerospace Hengda Technology Center (Limited Partnership).
ADDSINO CO., LTD. 
