Shenzhen Zhengwei Co., Ltd. completed the acquisition of 19.5% stake in Jiangsu Jiuding New Material Co., Ltd. from Gu Qingbo.
August 03, 2021
Share
Shenzhen Zhengwei (Group) Co., Ltd. agreed to acquire 19.5% stake in Jiangsu Jiuding New Material Co., Ltd. (SZSE:002201) from Gu Qingbo for CNY 1.15 billion on August 4, 2019. Post completion, controlling shareholder stake will decrease from 27.9% to 8.3%. Shenzhen Zhengwei (Group) Co., Ltd. will acquire 65 million shares of Jiangsu Jiuding New Material Co., Ltd. representing 19.55% stake. As per the update on November 1, 2019, Gu Qingbo will transfer 65 million shares to Shenzhen Yiwei New Material Co., Ltd., a third party designated by Shenzhen Zhengwei (Group) Co., Ltd. As of November 19, 2019 transfer of 40 million shares has been completed.
Shenzhen Zhengwei (Group) Co., Ltd. completed the acquisition of 19.5% stake in Jiangsu Jiuding New Material Co., Ltd. (SZSE:002201) from Gu Qingbo on August 4, 2021. On December 11, 2019, Yiwei New Material paid the second payment of CNY 300 million. On August 4, 2021, Jiangsu Jiuding New Material Co, Ltd. received the notice and confirmation from Yiwei New Material and Mr. Gu Qingbo that on the same day, Yiwei New Material paid the remaining payment of CNY 698 million.
Jiangsu Amer New Material Co Ltd, formerly Jiangsu Jiuding New Material Co Ltd, is a China-based company principally engaged in the manufacture and distribution of glass fiber deep-processing products, glass fiber composites and high-performance fiberglass, high-performance glass fiber reinforced base materials. The Company's products include grinding wheel mesh, grille, pultruded profiles, environmental equipment, storage tanks, wind turbine cabin cover, blades, high modulus of glass fiber and products as well as continuous felt. The Company distributes its products in the domestic market and to overseas markets.