49% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation.
September 28, 2017
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An unknown buyer agreed to acquire 49% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation (SZSE:002240) for CNY 95.24 million on September 29, 2016. On October 19, 2016 and October 21, 2016, Guangdong Weihua Corporation respectively received the payment of CNY 35 million and CNY 15 million from Yinghua Investment. As of April 29, 2017, Yinghua Investment has completely settled the payment for this equity transfer. For the year ended December 31, 2015, Taishan Weilibang Wood Industry Co., Ltd. reported total revenue of CNY 161.40 million, total assets of CNY 262.64 million, operating loss of CNY 20.27 million, net loss of CNY 12.52 million and total common equity CNY 99.07 million. The transaction is subject to the shareholders’ approval. As of September 29, 2016 Board of Guangdong Weihua Corporation approved the transaction. As on September 29, 2016, shareholders’ of Guangdong Weihua Corporation approved the transaction.
An unknown buyer cancelled the acquisition of 49% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation (SZSE:002240) on September 29, 2017.
Chengxin Lithium Group Co Ltd, formerly Shenzhen Chengxin Lithium Group Co Ltd, is principally engaged in the manufacture and sale of fiberboards, as well as the planting and operation of fast-growing and high-yield plantation. The Companyâs main products are medium (high) density fiberboards, reinforced wood floorings, melamine decorative laminates, cement templates and other forest products. Its medium (high) density fiberboards are used in office, furniture, sound boxes, reinforced wood floorings, outdoor and indoor decoration, fan blades, computer room antistatic floorings, weatherboards, security doors and wall boards, among others. The Company is also engaged in manufacture and sales of rare earth and lithium salt products. The Company mainly operates its business in domestic markets. On September 13, 2013, the Company announced that it has transferred a 90% stake in a Zengcheng-based subsidiary.
CHENGXIN LITHIUM GROUP CO., LTD. 
