China Jushi Co., Ltd. agreed to acquire 26.5% in Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. from Double Talent Limited, Goldman Sachs L.L.C., Lianyungang Zhongke Huanghai Venture Capital Co., Ltd. and other shareholders for approximately CNY 760 million.
September 18, 2016
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China Jushi Co., Ltd. (SHSE:600176) agreed to acquire 26.5% in Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. from Double Talent Limited, Goldman Sachs (Asia) L.L.C., Lianyungang Zhongke Huanghai Venture Capital Co., Ltd. and other shareholders for approximately CNY 760 million on September 18, 2016. Double Talent Limited will sell 15.97% stake for approximately CNY 450 million and Lianyungang Zhongke Huanghai Venture Capital Co., Ltd. will sell 3.29% for CNY 100 million. As of December 31, 2015, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. reported total assets of CNY 4.22 billion, revenues of CNY 2.84 billion, total equity of CNY 2.25 billion and net profit of CNY 374.18 million. The board of directors of China Jushi Co., Ltd. approved the transaction. The deal is subject to approval from shareholders of China Jushi Co., Ltd. and the responsible business departments of Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. As of November 4, 2016, shareholders of China Jushi approved the transaction. Goldman Sachs (Asia) L.L.C. acted as financial advisor for itself in the transaction.
CHINA JUSHI CO., LTD., formerly CHINA FIBERGLASS CO., LTD, is a China-based company principally engaged in the research and development, manufacture and distribution of fiberglass and related products. The Company's major product is glass fiber yarn. The Company also provides complex fiber products, yarns for high-performance wind power and oil high pressure pipes. Its products are applied in aerospace, construction, transportation, industrial equipment, wind power generation and other areas. The Company distributes its products in domestic and overseas markets.
China Jushi Co., Ltd. agreed to acquire 26.5% in Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. from Double Talent Limited, Goldman Sachs L.L.C., Lianyungang Zhongke Huanghai Venture Capital Co., Ltd. and other shareholders for approximately CNY 760 million.
CHINA JUSHI CO., LTD. 
