BanBao Co., Ltd. completed the acquisition of Agreement to acquire Inner Mongolia Haoan Energy Technology Co., Ltd. from Zhang Zhongan and Yu Jumei.
May 10, 2022
Share
BanBao Co., Ltd. (SHSE:603398) signed an Intention Agreement to acquire Inner Mongolia Haoan Energy Technology Co., Ltd. from Zhang Zhongan and Yu Jumei on January 10, 2022. As of February 15, 2022, BanBao Co., Ltd. signed an agreement to acquire Inner Mongolia Haoan Energy Technology Co., Ltd. for CNY 1.1 billion. As per the revised terms of the transaction, BanBao will pay total of CNY 980 million, of which CNY 200 million shall be paid after the Agreement becomes effective, CNY 30,000 shall be paid within 6 months after the effective date of the Agreement, CNY 480 million will be paid company year by year between 2022, 2023, 2024, and 2025, subject performance commitment compensation, after the announcement of the 2025 financials, if Inner Mongolia Haoan not completed 90% of the committed net profit in 2025, BanBao does not need to make cash compensation and such performance commitment obligations will be postponed to 2026. BanBao will acquire 90% stake from Zhang Zhongan and 10% stake from Yu Jumei in Inner Mongolia Haoan Energy. The funds for this transaction will be adopted according to the final confirmed transaction price, including but not limited to self-owned funds, bank loans, raised funds and other reasonable means of raising. Inner Mongolia Haoan Energy reported Total assets of CNY 458.3 million, Net assets of CNY 169.1 million, Operating income of CNY 825.9 million and net profit of CNY 103.9 million for the year ended December 31, 2021. The transaction still needs to be submitted to the competent decision-making body for deliberation. As of February 15, 2022, BanBao Co., Ltd board approved the transaction. As of February 15, 2022, Inner Mongolia Haoan Energy Technology Co., Ltd shareholders approved the transaction.
Sinolink Securities Co., Ltd. (SHSE:600109) acted as financial advisor to BanBao.
BanBao Co., Ltd. (SHSE:603398) completed the acquisition of Agreement to acquire Inner Mongolia Haoan Energy Technology Co., Ltd. from Zhang Zhongan and Yu Jumei on May 11, 2022. BanBao Co., Ltd. has paid the first transaction consideration of CNY 200 million to the sellers, and the remaining amount will be paid in accordance with the agreement.
Jiangxi Mubang Hi-Tech Co Ltd is a China-based company mainly engaged in the production and sales of monocrystalline silicon rods and silicon wafers. The Company operates primarily through two segments. The Photovoltaic Business segment is mainly engaged in the research and development, production and sales of photovoltaic silicon wafers and silicon rods. The Company's main photovoltaic products include monocrystalline silicon rods, monocrystalline silicon wafers, polycrystalline silicon ingots, polycrystalline silicon wafers and cells. The Toy Business segment is mainly engaged in the production and sales of popular science series, programming robot series, city series, infant series and intellectual property (IP) authorized plastic building block toys. The Company mainly conducts its businesses in domestic and overseas markets.
MUBANG HIGH-TECH CO.,LTD. 
