Guangdong Weihua Corporation cancelled the acquisition of the remaining 9% stake in Liaoning Tai’an Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd.
December 27, 2016
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Guangdong Weihua Corporation (SZSE:002240) agreed to acquire the remaining 9% stake in Liaoning Tai’an Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd. for CNY 27.9 million on December 28, 2015. In related deals, Guangdong Weihua Corporation agreed to acquire 9% stake in Hebei Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd for CNY 29.34 million and 15% stake in Yangchun Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd for CNY 6 million on December 28, 2015. The Board of Directors of Guangdong Weihua Corporation approved the transaction and signing of a share transfer agreement for the deal. The transaction is still subject to approval from the shareholders of Guangdong Weihua Corporation. As on July 18, 2016 the shareholders of Guangdong Weihua Corporation approved the transaction.
Guangdong Weihua Corporation (SZSE:002240) cancelled the acquisition of the remaining 9% stake in Liaoning Tai’an Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd. on December 28, 2016.
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 the acquisition of the remaining 9% stake in Liaoning Tai’an Weilibang Wood Industry Co., Ltd from Qingyuan Weilibang Woods Co., Ltd.
CHENGXIN LITHIUM GROUP CO., LTD. 
