Camel Group Co., Ltd. entered into an equity transfer agreement to acquire the remaining 30% stake in Hubei Camel Financing and Leasing Co., Ltd. from Hubei Tuofeng Investment Co., Ltd. for CNY 57 million.
June 12, 2020
Share
Camel Group Co., Ltd. (SHSE:601311) entered into an equity transfer agreement to acquire the remaining 30% stake in Hubei Camel Financing and Leasing Co., Ltd. from Hubei Tuofeng Investment Co., Ltd. for CNY 57 million on June 12, 2020. Camel Group Co., Ltd. shall pay 50% of the above target equity transfer price, i.e. CNY 28.5 million to Hubei Tuofeng Investment Co., Ltd., within 10 days from the date of entry into force of this agreement; Camel Group Co., Ltd. shall complete the relevant equity transfer price for the remaining CNY 28.5 million of the target equity transfer price to Hubei Tuofeng Investment Co., Ltd. within 10 days from the date of change of the registration procedures for industry and commerce. At present, Camel Group Co., Ltd. holds a 70% stake in the target company while Hubei Tuofeng Investment Co., Ltd. holds the other 30% stake. Post completion of the transaction, Camel Group Co., Ltd. will hold the entire 100% stake in Hubei Camel Financing and Leasing Co., Ltd. For the year ending December 31, 2019, Hubei Camel Financing and Leasing Co., Ltd. reported total assets of CNY 203.84 million, net assets of CNY 193.94 million, revenue of CNY 8.81 million and net profit of CNY 3.2 million.
Camel Group Co., Ltd. is a China-based company principally engaged in the research, development, manufacture and sales of storage batteries. The Company's main products include lead-acid batteries, which are applied in vehicle starting, electric road vehicle traction and electric bicycle fields, among others. The Company's other products include regenerated lead, electrolytic lead, alloyed lead, liquid sulfuric acid and recycled plastics. The Company operates businesses in both domestic and overseas markets.
Camel Group Co., Ltd. entered into an equity transfer agreement to acquire the remaining 30% stake in Hubei Camel Financing and Leasing Co., Ltd. from Hubei Tuofeng Investment Co., Ltd. for CNY 57 million.
CAMEL GROUP CO., LTD. 
