Hainan Deya Venture Capital Partnership cancelled the acquisition of 8% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. from Qi Jianguo.
September 27, 2023
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Hainan Deya Venture Capital Partnership agreed to acquire a 8% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. (SHSE:603655) from Qi Jianguo for approximately CNY 230 million on March 1, 2023. In a related transaction, Gongqingcheng Junshan Investment Partnership agreed to acquire a 26% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. from Qi Jianguo, Fan Xiaofeng and Changzhou Jintan Juntai Investment Consulting Co., Ltd. for approximately CNY 750 million, Liangyuan Selected No. 4 Private Equity Securities Fund managed by Shanghai Liangyuan Assets Management Co., Ltd. agreed to acquire a 10% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. from Qi Jianguo for approximately CNY 290 million and Qingdao Aopa Xinrong Equity Investment Center agreed to acquire a 10% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. from Qi Jianguo for approximately CNY 290 million. Under the terms, Hainan Deya Venture will acquire 8.48 million shares at a price of CNY 27.15 per share in cash. Currently, Qi Jianguo holds 42.45% stake and post acquisition of all transactions will hold 7.32% stake in Changzhou Langbo Sealing. Hainan Deya Venture Capital Partnership shall pay corresponding share transfer price in one lump sum within 5 working days from the date when all the relevant conditions are met or the Hainan Deya waives in writing.
Hainan Deya Venture Capital Partnership cancelled the acquisition of 8% stake in Changzhou Langbo Sealing Technologies Co.,Ltd. (SHSE:603655) from Qi Jianguo on September 28, 2023.
Changzhou Langbo Sealing Technologies Co., Ltd. is a China-based company which is mainly engaged in research and development, manufacture and sales of automotive rubber parts. The Companyâs main products include round rubber seals, shaft seals, wheel hubs and other miscellaneous pieces of products, such as shaped seals, dust covers, shock pads, pipe joints, jackets and other rubber parts. The Companyâs products are mainly used for automotive air conditioning systems, lighting systems, power steering systems. The Company mainly distributes its products in China.