Jilin Guoxing New Material Industry Investment Co., Ltd. entered into an agreement to acquire 70% stake in Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. from Fangda Carbon New Material Technology Co., Ltd. for approximately CNY 150 million.
May 07, 2020
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Jilin Guoxing New Material Industry Investment Co., Ltd. entered into an agreement to acquire 70% stake in Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. from Fangda Carbon New Material Technology Co., Ltd. (SHSE:600516) for approximately CNY 150 million on May 7, 2020. As per the terms, the transfer includes a 70% equity of Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. held by Fangda Carbon New Material Technology Co., Ltd. and part of the debt of Fangda Carbon New Material Technology Co., Ltd. to Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. i.e. CNY 151.4 million. Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. reported revenue of CNY 41.2 million, total assets of CNY 156.3 million and net loss of CNY 40.5 million as of December 31, 2019. The transaction is approved by the Board of Fangda Carbon New Material Technology Co., Ltd.
FangDa Carbon New Material Co., Ltd. is a China-based company principally engaged in the production and sales of graphite and carbon products. The Company's main products include ultra-high power, high power and common power graphite electrodes, microporous carbon bricks, semi-graphite carbon bricks, aluminum carbon bricks, isostatic graphite products, special graphite products, biological carbon products and carbon composite materials, among others. The Company is also involved in the mining and sales of iron minerals through its subsidiaries.
Jilin Guoxing New Material Industry Investment Co., Ltd. entered into an agreement to acquire 70% stake in Jilin Fangda Jiangcheng Carbon Fiber Co., Ltd. from Fangda Carbon New Material Technology Co., Ltd. for approximately CNY 150 million.
FANGDA CARBON NEW MATERIAL CO.,LTD 
