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CHINA ZHONGHUA GEOTECHNICAL ENGINEERING GROUP CO., LTD.

(002542)
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China Zhonghua Geotechnical Engineering Group Co., Ltd. cancelled the acquisition of Chengdu Jiangong Road and Bridge Construction Co., Ltd. from Chengdu Construction Engineering Group Co., Ltd.

09/08/2020 EDT

China Zhonghua Geotechnical Engineering Group Co., Ltd. (SZSE:002542) agreed to acquire Chengdu Jiangong Road and Bridge Construction Co., Ltd. from Chengdu Construction Engineering Group Co., Ltd. for approximately CNY 2.1 billion on November 5, 2019. The consideration will be paid by the way of issuing 517.6 million shares. The way of issuing shares is a non-public offering. The lock up period is 36 months. After the completion of the transaction, Chengdu Jiangong Road and Bridge Construction Co., Ltd. will become a wholly-owned subsidiary of China Zhonghua Geotechnical Engineering Group. For the year ended December 31, 2018, Chengdu Jiangong Road and Bridge Construction Co., Ltd. reported revenue of CNY 2.6 billion, operational profit of CNY 2.5 billion and net profit of CNY 86.2 million. As of December 31, 2018, Chengdu Jiangong Road and Bridge Construction Co., Ltd. reported total assets of CNY 3 billion and net assets of CNY 670.7 million. The transaction needs the approval of The China Securities Regulatory Commission and the State-owned assets supervision and administration department and has been approved at the thirty-third temporary meeting of the third Directorate of China Zhonghua Geotechnical Engineering Group on November 8, 2019 and by the Internal decision-making body of Chengdu Jiangong Road and Bridge Construction and Chengdu Xingcheng Investment Group on November 5, 2019. Li Jia and Tang Jian of Haitong Securities Co., Ltd. (SHSE:600837) acted as financial advisor, Lu Yong and Liu Feng of Beijing King & Wood Law Firm acted as legal advisor and Gong Ronghua and Zhong Quanbing of Wuyige Certified Public Accountants LLP acted as accountant to China Zhonghua Geotechnical Engineering Group Co., Ltd. (SZSE:002542). China Zhonghua Geotechnical Engineering Group Co., Ltd. (SZSE:002542) cancelled the acquisition of Chengdu Jiangong Road and Bridge Construction Co., Ltd. from Chengdu Construction Engineering Group Co., Ltd. on September 8, 2020. Board of Directors of China Zhonghua Geotechnical Engineering approved for the termination.


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Financials
Sales 2020 5 664 M 876 M 876 M
Net income 2020 187 M 29,0 M 29,0 M
Net Debt 2020 - - -
P/E ratio 2020 30,8x
Yield 2020 0,97%
Capitalization 5 506 M 852 M 852 M
EV / Sales 2019 2,04x
Capi. / Sales 2020 0,98x
Nbr of Employees 2 539
Free-Float 40,0%
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Managers and Directors
Yan Wei Wu Chairman & General Manager
Bing Bing Xiao Chief Financial Officer & Director
Yong Yang Chairman-Supervisory Board
Pan Tong Independent Director
Yan Zhou Independent Director