Qingdao Federal Reserve Innovation Investment Co., Ltd. agreed to acquire 5% stake in Yicun Capital Co., Ltd. from Jiangsu Huaxicun Co., Ltd. for approximately CNY 150 million.
October 30, 2019
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Qingdao Federal Reserve Innovation Investment Co., Ltd. agreed to acquire 5% stake in Yicun Capital Co., Ltd. from Jiangsu Huaxicun Co., Ltd. (SZSE:000936) for approximately CNY 150 million on October 31, 2019. A 1st installment of CNY 45 million will be paid within 5 days since completion of all preconditions. After transfer, Jiangsu Huaxicun Co., Ltd. will retain a 81.207% stake in Yicun Capital Co., Ltd. and Qingdao Federal Reserve Innovation Investment Co., Ltd. will hold 5% stake. The extant transfer compensation must be paid before March 15, 2020. For the year ended December 31, 2018, Yicun Capital Co., Ltd. has total assets of CNY 5 billion, operating revenue of CNY 8.7 million and operating profit of CNY 171.1 million. Transaction is subject to has both parties obtained all the necessary consents and approvals for the transfer of the underlying shares, and has signed this agreement to obtain all necessary authorizations, approvals, permits and/or filings (if any). The transaction was approved by the 25th meeting of the 7th directorate of Jiangsu Huaxicun Co., Ltd.
JIANGSU HUAXICUN CO.,LTD. is a China-based company principally engaged in the research, development, production and sale of textile chemical fiber products. The Company operates through three business segments. Polyester Fiber segment mainly provides polyester staple fibers. Petrochemical Warehousing and Logistics segment mainly provides terminal loading and unloading, warehousing, barging transit and pipeline transportation services for liquid chemicals. Investment segment is mainly involved in merger and acquisition investment, venture capital, asset management and strategic investment. The Company operates its business in domestic market.
Qingdao Federal Reserve Innovation Investment Co., Ltd. agreed to acquire 5% stake in Yicun Capital Co., Ltd. from Jiangsu Huaxicun Co., Ltd. for approximately CNY 150 million.