Chengdu Rainbow Appliance(Group) Shares Co.,LTD. completed the acquisition of the remaining 34% stake in Chengdu Quanyuan Sanitary Products Co., Ltd. from Earth Corporation and Summit Agro International Ltd.
July 30, 2021
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Chengdu Rainbow Appliance(Group) Shares Co.,LTD. (SZSE:003023) agreed to acquire remaining 34% stake in Chengdu Quanyuan Sanitary Products Co., Ltd. from Earth Corporation (TSE:4985) and Summit Agro International Ltd. for CNY 7.2 million on May 18, 2021. Chengdu Rainbow Appliance(Group) Shares Co.,LTD. (SZSE:003023) agreed to acquire 19% stake from Earth Corporation for CNY 4 million and 15% stake from Summit Agro International Ltd. for CNY 3.2 million. Chengdu Quanyuan Sanitary reported total assets of CNY 63.4 million, total liabilities of CNY 13.7 million and net assets of CNY 49.7 million as of March 31, 2021. On May 18, 2021, the 11th session of the Chengdu Rainbow Appliance's 9th Directorate approved the acquisition.
Chengdu Rainbow Appliance(Group) Shares Co.,LTD. (SZSE:003023) completed the acquisition of the remaining 34% stake in Chengdu Quanyuan Sanitary Products Co., Ltd. from Earth Corporation (TSE:4985) and Summit Agro International Ltd. on July 1, 2021.
Chengdu Rainbow Appliance Group Shares Co Ltd is a China-based company mainly engaged in the research, development, production and sales of household flexible heating appliances and household hygiene and insecticide products. The Company's products include a series of household flexible heating appliances such as electric blankets and electric hand warmers, and a series of household hygiene and insecticide products such as electric mosquito liquid, electric mosquito coils, disc mosquito coils, and insecticidal aerosols. The Company also produces chemical fiber products, agricultural sprayers and shoe dryers, etc. The Company mainly conducts business within the domestic market.
Chengdu Rainbow Appliance(Group) Shares Co.,LTD. completed the acquisition of the remaining 34% stake in Chengdu Quanyuan Sanitary Products Co., Ltd. from Earth Corporation and Summit Agro International Ltd.
CHENGDU RAINBOW APPLIANCE (GROUP) SHARES CO., LTD. 
