Henan Xinyashi Investment Co., Ltd. signed the conditional share transfer agreement to acquire 40% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation and an other unknown investor.
December 12, 2016
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Henan Xinyashi Investment Co., Ltd. signed the conditional share transfer agreement to acquire 40% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation (SZSE:002240) and an other unknown investor on December 9, 2016. Under the terms of the transaction, Guangdong Weihua Corporation will sell 21% stake for CNY 40.8 million and an other unknown investor will sell 19% stake in Taishan Weilibang Wood Industry Co., Ltd. Post-closing, Henan Xinyashi Investment Co., Ltd. will own 40% stake, Guangdong Weihua Corporation will own 30% stake and an other unknown investor will own 30% stake in Taishan Weilibang Wood Industry Co., Ltd. The transaction was approved by the 34th session of the 5th directorate of Guangdong Weihua Corporation.
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.
Henan Xinyashi Investment Co., Ltd. signed the conditional share transfer agreement to acquire 40% stake in Taishan Weilibang Wood Industry Co., Ltd. from Guangdong Weihua Corporation and an other unknown investor.
CHENGXIN LITHIUM GROUP CO., LTD. 
