Guangdong Hengjian Investment Holding Co., Ltd. cancelled the acquisition of 29.99% stake in East Group Co.,Ltd from Yangzhou Orient Group Co., Ltd.
September 31, 2020
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Guangdong Hengjian Investment Holding Co., Ltd. signed a framework agreement to acquire 29.99% stake in East Group Co.,Ltd (SZSE:300376) from Yangzhou Orient Group Co., Ltd. for CNY 3.1 billion on September 1, 2019. Guangdong Hengjian Investment Holding Co., Ltd. signed a share transfer agreement to acquire 29.99% stake in East Group Co.,Ltd (SZSE:300376) from Yangzhou Orient Group Co., Ltd. on December 20, 2019. As reported, a total of 695.7 million East Group shares at a price of CNY 4.43 per share. Guangdong Hengjian Investment Holding Co., Ltd. will also make an offer to acquire approximately 5% stake in East Group Co.,Ltd. Post completion of both transactions, Guangdong Hengjian Investment Holding Co., Ltd. will hold approximately 34.99% stake of East Group Co.,Ltd. The transaction needs to be approved by the competent authorities of both the companies.
Guangdong Hengjian Investment Holding Co., Ltd. cancelled the acquisition of 29.99% stake in East Group Co.,Ltd (SZSE:300376) from Yangzhou Orient Group Co., Ltd. on September 1, 2020.
East Group Co Ltd is a China-based company principally engaged in the provision of integration solutions for photovoltaic products. The Company is involved in the research and development, manufacture and sales of power supplies, data centers, photovoltaic inverters, system integration solutions, as well as new energy vehicles and its charging facilities, among others. Photovoltaic inverters include grid-connected inverters and string inverters. New energy vehicles and charging facilities include purchased new energy vehicles, one-stop outdoor charging tanks, alternating current charging piles and direct current charging piles, among others. The Company operates businesses in domestic and overseas markets.
EAST GROUP CO.,LTD 
