Shaanxi J&R Fire Fighting Co., Ltd. signed an agreement to acquire Shenzhen OptimumNano Energy Co.,Ltd from a group of sellers for CNY 5.2 billion.
February 28, 2016
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Shaanxi J&R Fire Fighting Co., Ltd. (SZSE:300116) signed an agreement to acquire Shenzhen OptimumNano Energy Co.,Ltd from a group of sellers for CNY 5.2 billion in cash and stock on February 29, 2016. Group of sellers included Li Yao, Li Jinlin, Geng Dexian, Liu Jian, Zhu Jinling, Li Fei, Dong Danzhou, Chen Xi, She Jing, Shi Xiaoxia, Cai Junqiang, Li Ximei, Zhong Xiangrong, Shenzhen Changyuan Yingjia Investment Co., Ltd, Xiamen Jingdao Tianfeng Investment Partnership (Limited Partnership), Beijing Delian Hengfeng Investment Center (Limited Partnership) and Shenzhen Tianruida Investment Co., Ltd. Shaanxi J&R Fire Fighting Co., Ltd. will pay CNY 1.2 billion in cash and will issue 463.5 million shares as consideration. Of the total consideration, Li Yao will receive CNY 1.2 billion in cash and CNY 165.2 million in shares, and other shareholders will receive only stock. Shaanxi J&R Fire Fighting will finance the cash portion of the acquisition via a private placement of CNY 2.5 billion.
Shenzhen OptimumNano Energy Co.,Ltd. reported total assets of CNY 3.5 billion, total owner's equity of CNY 730.76 million, revenue of CNY 2.18 billion, operating profit of CNY 315.6 million and net profit of CNY 276.34 million for the year ending December 31, 2015. The transaction is subject to approval from the China Securities Regulatory Commission. On February 22, 2016, the shareholders of Shenzhen OptimumNano Energy Co., Ltd. approved the deal. Changyuan Group Ltd. has discussed and approved the transaction in the 14th session of the 6th directorate meeting held on February 29, 2016. On April 28, 2016, the board of Shanxi J&R Fire Protection Co., Ltd. approved the deal. As on June 22, 2016, the deal has been approved at the 45th session of the work meeting of Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission. Anti-monopoly bureau approved the deal on June 24, 2016. Guotai Junan Securities Company Limited acted as financial advisor for Shaanxi J&R. Jun He Law Offices acted as legal advisor and Moore Stephens Da Hua acted as accountant for Shaanxi J&R Fire Fighting Co., Ltd.
Blivex Energy Technology Co Ltd, formerly Shaanxi J&R Optimum Energy Co Ltd, is a China-based company principally engaged in research and development, production and sales of lithium-ion batteries and battery packs. The Company's main products include cylindrical lithium iron phosphate and ternary battery packs, soft-pack lithium iron phosphate and ternary battery packs and others which are used in low-speed electric vehicles, portable energy storage, home energy storage and other markets. The Company conducts its business in the domestic and foreign markets.