China Shipbuilding Industry Company Limited completed the acquisition of remaining 36.15% stake in Wuchang Shipbuilding Industry Group Co.,Ltd. from a group of sellers.
February 13, 2018
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China Shipbuilding Industry Company Limited (SHSE:601989) signed an asset acquisition agreement to acquire remaining 36.15% stake in Wuchang Shipbuilding Industry Group Co.,Ltd. from a group of sellers for CNY 5.4 billion on October 26, 2017. As consideration, China Shipbuilding Industry will issue domestically listed Class A common shares at CNY 5.78 per share. In a related transaction, China Shipbuilding Industry signed an asset acquisition agreement to acquire remaining 42.99% stake in Dalian Shipbuilding Industry Co., Ltd. Post transaction, China Shipbuilding Industry will hold 100% stake in Wuchang Shipbuilding Industry. For the year ended December 31, 2016, Wuchang Shipbuilding Industry Group had total assets of CNY 37.5 billion. For the year 2016, Wuchang Shipbuilding Industry Group had total revenue of CNY 12.3 billion and operating loss of CNY 413 million. The transaction is approved by the board of China Shipbuilding Industry in its 5th session of the 4th directorate meeting, approved by the respective relevant authorities of the counterparties, in principle approval by the State-owned Assets Supervision and Administration Commission of the State Council and approval on military matters by the State Administration of Science, Technology and Industry for National Defense. The transaction is pending approvals from State-owned Assets Supervision and Administration Commission of the State Council for equity assessment reports, shareholders of China Shipbuilding Industry and China Securities Regulatory Commission. Shareholders of China Shipbuilding Industry Company Limited approved the transaction on November 13, 2017. On December 28, 2017, China Securities Regulatory Commission approved the acquisition.
Lv Xiaofeng, Guo Yingying, Zeng Kunjie, Zhong Ben, Li Zhiqiang, Wang Jian, Feng Li and Wang Tianhang of China Securities Co., Ltd. and Wang Ling, Zhang Minghui, Zhu Ye Xin, Guo Dan, Kang Pan, Bao Xiang, Xu Ya-ou, Jiang Wenxiang, Yang Meng, Hu Zhongjun and Tang Zhaojun of CITIC Securities Company Limited (SHSE:600030) acted as financial advisors, Wang Fei and Tan Sijun of Jiayuan Law acted as legal advisors and Fan Xiaohong and Song Zhiyun of Grant Thornton China acted as accountants for China Shipbuilding Industry Company Limited.
China Shipbuilding Industry Company Limited (SHSE:601989) completed the acquisition of remaining 36.15% stake in Wuchang Shipbuilding Industry Group Co.,Ltd. from a group of sellers on February 14, 2018.
China Cinda Asset Management Co., Ltd. is an investment holding company mainly engaged in the provision of financial services as well as the management of distressed asset management. Along with subsidiaries, the Company operates its business through three segments. The Financial Services segment is involved in the provision of financial services in sectors such as bank, securities, insurance, financial leasing and asset management. The Distressed Asset Management segment is engaged in the management of assets arising from acquisition of distressed debts and debt-to-equity-swap and the provision of clearing settlement and fiduciary services. The Financial Investment and Asset Management segment is involved in the management of financial investments on private funds and companies in certain other industries.
China Shipbuilding Industry Company Limited completed the acquisition of remaining 36.15% stake in Wuchang Shipbuilding Industry Group Co.,Ltd. from a group of sellers.
CHINA CINDA ASSET MANAGEMENT CO., LTD. 
