Guangdong Weihua Corporation cancelled acquisition of an additional 7.6% stake in Qingyuan Weilibang Woods Co., Ltd. and 9% stake in Hubei Weilibang Wood Co., Ltd. from Taishan Weilibang Wood Industry Co., Ltd.
July 17, 2017
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Guangdong Weihua Corporation (SZSE:002240) agreed to acquire additional 7.6% stake in Qingyuan Weilibang Woods Co., Ltd. and 9% stake in Hubei Weilibang Wood Co., Ltd. from Taishan Weilibang Wood Industry Co., Ltd. on July 18, 2016. The consideration of the transaction is based on net book value of Qingyuan Weilibang Woods Co., Ltd. and Hubei Weilibang Wood Co., Ltd. Post this transaction, Guangdong Weihua Corporation will hold 100% stake in both the companies. The board of directors of Guangdong Weihua Corporation and Taishan Weilibang Wood Industry Co., Ltd. approved the deal.
Guangdong Weihua Corporation (SZSE:002240) cancelled acquisition of an additional 7.6% stake in Qingyuan Weilibang Woods Co., Ltd. and 9% stake in Hubei Weilibang Wood Co., Ltd. from Taishan Weilibang Wood Industry Co., Ltd. on July 18, 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.
Guangdong Weihua Corporation cancelled acquisition of an additional 7.6% stake in Qingyuan Weilibang Woods Co., Ltd. and 9% stake in Hubei Weilibang Wood Co., Ltd. from Taishan Weilibang Wood Industry Co., Ltd.
CHENGXIN LITHIUM GROUP CO., LTD. 
