China Jushi Co., Ltd. signed a letter of intent to acquire an unknown stake in Tongxiang Huajia Enterprise Management Co., Ltd. and Zhejiang Hengshi Fiberglass Fabrics Co., Ltd from Huajin Capital Limited (Hong Kong), Tongxiang Wushi Trade Co., ltd. and Zhang Jiankan.
December 30, 2020
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China Jushi Co., Ltd. (SHSE:600176) signed a letter of intent to acquire an unknown stake in Tongxiang Huajia Enterprise Management Co., Ltd. and Zhejiang Hengshi Fiberglass Fabrics Co., Ltd from Huajin Capital Limited (Hong Kong), Tongxiang Wushi Trade Co., ltd. and Zhang Jiankan on December 1, 2020. Under the terms of the transaction, China Jushi Co., Ltd. will acquire all or part of the shares in Tongxiang Huajia Enterprise Management Co., Ltd. and Zhejiang Hengshi Fiberglass Fabrics by one or a combination of: cash, share swap and asset exchange. In related transactions, China Jushi Co., Ltd. agreed to acquire an unknown stake in Taishan Fiberglass from Sinoma Science & Technoloy Co., Ltd. and sell an unknown stake in Lianyungang Zhongfu Lianzhong to Sinoma Science & Technology.
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. signed a letter of intent to acquire an unknown stake in Tongxiang Huajia Enterprise Management Co., Ltd. and Zhejiang Hengshi Fiberglass Fabrics Co., Ltd from Huajin Capital Limited (Hong Kong), Tongxiang Wushi Trade Co., ltd. and Zhang Jiankan.