Yanbian Shixian Bailu Papermaking Co.,Ltd completed the acquisition of 70% stake in Shenzhen Brodsands Technology Co., Ltd. from Zhong Hua and Liu Jianjun.
September 23, 2015
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Yanbian Shixian Bailu Papermaking Co.,Ltd (SHSE:600462) signed an agreement to acquire 70% stake in Shenzhen Brodsands Technology Co., Ltd. from Zhong Hua and Liu Jianjun for CNY 93.1 million on August 25, 2015. Zhong Hua will sell 20% stake and Liu Jianjun will sell 50% stake in Shenzhen Brodsands Technology Co., Ltd. In a related transaction, Dunhua Jincheng Industrial Co., Ltd signed an agreement to acquire Yanbian Shixian Shuanglu Industrial Co., Ltd. from Yanbian Shixian Bailu Papermaking Co.,Ltd for approximately CNY 290 million.
Shenzhen Brodsands Technology Co., Ltd reported total assets of CNY 69.64 million, total liabilities of CNY 52.69 million, owners' equity of CNY 16.95 million, revenues of CNY 174.74 million, operating profit of CNY 5.44 million, total profit of CNY 6.15 million and net profit of CNY 5.64 million in 2014. The acquisition is subject to approval of shareholders of Yanbian Shixian Bailu Papermaking. The Board of Yanbian Shixian Bailu Papermaking and the shareholders of Shenzhen Brodsands Technology Co., Ltd approved the transaction on August 25, 2015. Shareholders of Yanbian Shixian Bailu Papermaking approved the transaction on September 11, 2015. Hengtai Changcai Securities Co., Ltd. acted as the financial advisor, Grandall Law Firm acted as the legal advisor, Zhongzhun Certified Public Accountants and Daxin Certified Public Accountants acted as the accountant to Yanbian Shixian Bailu Papermaking Co., Ltd.
Yanbian Shixian Bailu Papermaking Co.,Ltd (SHSE:600462) completed the acquisition of 70% stake in Shenzhen Brodsands Technology Co., Ltd. from Zhong Hua and Liu Jianjun on September 24, 2015.
Hubei Geoway Investment Co Ltd, formerly Shenzhen Geoway Co Ltd, is a China-based company mainly engaged in investment. Through its wholly-owned subsidiary, the Company is mainly engaged in the procurement and sales of raw materials related to mobile phones; the Company engages in after-sales service of camera modules through its holding subsidiary; the Company through its wholly-owned grandson company is engaged in marketing services and public relations, providing professional marketing activities and communications for various industries, and providing consulting services to customers with planning and execution capabilities. The Company distributes its products and services within the domestic market.
Yanbian Shixian Bailu Papermaking Co.,Ltd completed the acquisition of 70% stake in Shenzhen Brodsands Technology Co., Ltd. from Zhong Hua and Liu Jianjun.