Huludao Zinc Industry Co.,Ltd. signed a share purchase agreement to acquire Huludao Hongyue North Copper Co., Ltd. from Huludao Hongyue Group Co., Ltd for CNY 760 million.
August 22, 2021
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Huludao Zinc Industry Co.,Ltd. (SZSE:000751) signed a share purchase agreement to acquire Huludao Hongyue North Copper Co., Ltd. from Huludao Hongyue Group Co., Ltd for CNY 760 million on August 23, 2021. Under the terms of transaction, Within 30 working days from the date of delivery of the underlying assets CNY 418 million will be paid and Within 12 months from the date of delivery of the underlying assets CNY 342 million will be paid. As of April 30, 2021, total asset and net asset of Huludao Hongyue North Copper Co., Ltd. was CNY 2.07 billion and CNY 637.2 million respectively. The transaction is subject to customary closing conditions, including shareholders of Huludao Zinc Industry Co.,Ltd. and The State Administration of Market Supervision and Administration's review of the declaration and examination of the concentration of undertakings and other possible examination and approval matters. Transaction is approved by Board of Directors of Huludao Zinc Industry and Hongyue Group Shareholders' Meeting. Beijing Zhong Lun Law Firm acted as legal advisor and RSM China?acted as accountant in the transaction. The Pacific Securities Co., Ltd (SHSE:601099) acted as a independent financial advisor to Huludao Zinc Industry Co.,Ltd. for the transaction.
Huludao Zinc Industry Co.,Ltd. is a China-based company principally engaged in the smelting, processing and sale of non-ferrous metals. The Company's main products include hot dipped zinc, zinc bullion, silver bullion, sulfuric acid, refined lead and others. The Company's products are mainly used in building materials, electromechanical, chemical and automotive industries. The Company distributes its products mainly in domestic market.
Huludao Zinc Industry Co.,Ltd. signed a share purchase agreement to acquire Huludao Hongyue North Copper Co., Ltd. from Huludao Hongyue Group Co., Ltd for CNY 760 million.