Linxi Yixin Mining Co., Ltd. completed the acquisition of Bairin Right Banner Juyuan Mining Co., Ltd. from Inner Mongolia Xingye Mining Co., Ltd..
December 30, 2019
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Linxi Yixin Mining Co., Ltd. signed the equity transfer agreement to acquire Bairin Right Banner Juyuan Mining Co., Ltd. from Inner Mongolia Xingye Mining Co., Ltd. (SZSE:000426) for CNY 1 on December 13, 2019. Linxi Yixin Mining and Inner Mongolia Xingye Mining shall submit all the materials required for the registration of industrial and commercial changes involved in the equity transfer to the competent industry and commerce administration department within 10 days after the effective date of this agreement, and shall actively cooperate with each other to complete the corresponding industrial and commercial change registration procedures as soon as possible. Linxi Yixin Mining and Inner Mongolia Xingye Mining agree that the income from the target equity during the period from the benchmark date to the completion of the registration of industrial and commercial changes involved in the equity transfer. The losses are all enjoyed and borne by Linxi Yixin Mining. In related transactions, Linxi Yixin Mining Co., Ltd. signed equity transfer agreements to acquire Chifeng Fusheng Mining Co., Ltd. and 51% stake in Old Barag Banner Tiantong Mining Co., Ltd. from Inner Mongolia Xingye Mining for CNY 1.1 million and CNY 212.9 million respectively on December 13, 2019.
As of December 31, 2018, Bairin Right Banner Juyuan Mining reported total assets of CNY 14.7 million, total debt of CNY 35.9 million and net liabilities of CNY 21.2 million. For the year ended December 31, 2018, Bairin Right Banner Juyuan Mining reported operating revenue of CNY 7.5 million, operating loss of CNY 29.8 million and net loss of CNY 59.1 million. The transaction is subject to approval from the shareholders of Inner Mongolia Xingye Mining. On December 13, 2019, the twenty-third meeting of the eighth session of the Board of Directors of Inner Mongolia Xingye Mining reviewed and approved the transaction with 9 votes in favor, 0 votes against, and 0 abstentions.
Linxi Yixin Mining Co., Ltd. completed the acquisition of Bairin Right Banner Juyuan Mining Co., Ltd. from Inner Mongolia Xingye Mining Co., Ltd. (SZSE:000426) on December 31, 2019. On December 30, 2019, Inner Mongolia Xingye Mining Co., Ltd. held the second extraordinary general meeting of shareholders in 2019 to review and approve the above transaction. As of December 25, 2020, Inner Mongolia Xingye Mining Co., Ltd. has received a total of CNY 105.95 million for the remaining equity transfer price of this transaction that Linxi Yixin Mining Co., Ltd has successively paid to the company. So far, Linxi Yixin Mining Co., Ltd has fully fulfilled its payment obligations for this transaction.
Inner Mongolia Xingye Silver&Tin Mining Co Ltd, formerly Inner Mongolia Xingye Mining Co Ltd, is a China-based holding company mainly engaged in the mining, dressing and smelting of non-ferrous and precious metals. The Company is mainly engaged in five businesses. The mining business is engaged in the mining, selection and sales of non-ferrous metals. The investment business is mainly engaged in equity investment management business and enterprise merger and acquisition business. The trading business is engaged in the sales of metal and non-ferrous metal mineral products. The research and development business is engaged in the research, technology research and development and transformation of processes such as prospecting, mining and dressing, as well as comprehensive recycling of tailings. The smelting business is engaged in lead smelting, recycling and sales of precious metals. The Company's main products are silver, tin, zinc, lead, iron, copper and other non-ferrous metals.