Haian Ruihai Urbanization Investment and Construction Co., Ltd. signed the share transfer agreement to acquire 5.7% stake in Black Peony Co., Ltd. from Zan Shengda for approximately CNY 500 million.
August 20, 2021
Share
Haian Ruihai Urbanization Investment and Construction Co., Ltd. signed the share transfer agreement to acquire 5.7% stake in Black Peony (Group) Co., Ltd. (SHSE:600510) from Zan Shengda for approximately CNY 500 million on August 19, 2021. Under the terms of the transaction, Haian Ruihai Urbanization Investment and Construction Co., Ltd. will acquire 60 million shares in Black Peony (Group) Co., Ltd. at CNY 8.39 per share. Within 5 working days from the date of signing the agreement, Haian Ruihai Urbanization Investment and Construction Co., Ltd. shall remit 50% of the share transfer price to the account designated by Zan Shengda. Payment of the second transfer payment will be done within 3 working days after both parties complete the target share transfer registration at China Securities Depository and Clearing Co., Ltd. Shanghai Branch, Haian Ruihai Urbanization Investment and Construction Co., Ltd. shall remit the remaining share transfer price to the account designated by Zan Shengda.
Black Peony Group Co Ltd is a China-based company mainly engaged in urban construction business. The Company operates three segments. Urban Construction segment is engaged in new urbanization construction business, including infrastructure construction, affordable housing construction, real estate development, development and operation of characteristic industrial science and technology parks, transformation and operation of cultural and creative parks and other real estate businesses. Textile segment is engaged in fabric production, garment processing and brand operation. Others segment include pre-land development projects, vast hectares of fertile land engineering projects and digital energy infrastructure business. The Company mainly conducts businesses within the domestic market.
Haian Ruihai Urbanization Investment and Construction Co., Ltd. signed the share transfer agreement to acquire 5.7% stake in Black Peony Co., Ltd. from Zan Shengda for approximately CNY 500 million.
BLACK PEONY (GROUP) CO., LTD. 
