Qiu Yu signed an agreement to acquire 7% stake in Zhejiang Jiate Thermal Insulation Technology Co., Ltd. from Aishida Co., Ltd. for CNY 32.6 million.
June 17, 2020
Share
Qiu Yu signed an agreement to acquire 7% stake in Zhejiang Jiate Thermal Insulation Technology Co., Ltd. from Aishida Co., Ltd. (SZSE:002403) for CNY 32.6 million on June 16, 2020. Qiu Yu will acquire 3.5 million shares at an offer per share of CNY 9.31. Post the completion of the transaction, Aishida’s stake will reduce to 13%. Zhejiang Jiate Thermal Insulation Technology reported total revenue of CNY 514.3 million, total assets of CNY 608.3 million, operating profit of CNY 53.4 million, net profit of CNY 44.8 million and net assets of CNY 404.6 million for the year ending, December 31, 2019. The transaction was approved by its Board but is subject to the shareholders’ approval by Aishida. On July 21, 2020, the transaction was approved at the Extraordinary Shareholders Meeting of Aishida.
AISHIDA CO.,LTD., formerly ZHEJIANG AISHIDA ELECTRIC CO.,LTD. is a China-based company mainly engaged in the production of kitchen cookers, small kitchen appliances, household goods, robot bodies, and robot applications. The Company's main products include cooking utensils such as woks, frying pans, soup pans, milk pans, pressure cookers, steamers, etc .; small appliances such as rice cookers, electric pressure cookers, induction cookers, electric kettles, soymilk machines, etc .; household items such as kettles, thermos pots, cups, kitchen tools, etc. and industrial robots. The Company operates its businesses within the domestic market and to overseas markets.
AISHIDA CO., LTD 
