Chongqing Shunbo Aluminum Co.,Ltd. and Yongkang Huaya Industry and Trade Co., Ltd. intends to acquire an additional 18.4% stake in Shunbo Alloy Jiangsu Co., Ltd. from Chen Longgen for CNY 30 million.
October 13, 2021
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Chongqing Shunbo Aluminum Co.,Ltd. (SZSE:002996) and Yongkang Huaya Industry and Trade Co., Ltd. intends to acquire an additional 18.4% stake in Shunbo Alloy Jiangsu Co., Ltd. from Chen Longgen for CNY 30 million on October 12, 2021. As par of the transaction, Chongqing Shunbo will acquire a 11.11% stake and Yongkang Huaya will acquire a 7.31% stake in Shunbo Alloy. Post completion, Chongqing Shunbo will hold 71.4% and Yongkang Huaya will hold 16.5% stake in Shunbo Alloy. As of June 30, 2021, Shunbo Alloy reported owners' equity of approximately CNY 420 million. The transaction is approved by the independent directors of Chongqing Shunbo and does not need to be submitted Deliberation at the general meeting of shareholders and not require approval by relevant authorities.
Chongqing Shunbo Aluminum Co Ltd is a company engaged in production and sales of secondary aluminum alloy ingots. The Company's main product is aluminum alloy ingots, and its grades include aluminum-alloy die castings (ADC12), AC4B and A380. The ADC12 is a die-cast aluminum alloy, mainly used to produce cylinder head covers and sensor brackets. The AC4B is used to manufacture thin-walled castings. The A380 is used to manufacture chassis, engine mounts, gearboxes and generators. The Company is also engaged in entrusted processing of aluminum alloy ingots business. The Company's products are used to produce die-cast aluminum alloy and cast aluminum alloy products, covering automobiles, motorcycles, mechanical equipment and communication equipment fields.
Chongqing Shunbo Aluminum Co.,Ltd. and Yongkang Huaya Industry and Trade Co., Ltd. intends to acquire an additional 18.4% stake in Shunbo Alloy Jiangsu Co., Ltd. from Chen Longgen for CNY 30 million.
CHONGQING SHUNBO ALUMINUM CO.,LTD. 
