Jiangsu New Energy Development Co., Ltd. agreed to acquire 40% stake in Datang Guoxin Binhai Offshore Wind Power Co., Ltd. from Jiangsu Guoxin Investment Group Limited for approximately CNY 790 million.
January 29, 2021
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Jiangsu New Energy Development Co., Ltd. (SHSE:603693) agreed to acquire 40% stake in Datang Guoxin Binhai Offshore Wind Power Co., Ltd. from Jiangsu Guoxin Investment Group Limited on January 30, 2021. On May 13, 2021, Jiangsu New Energy Development Co., Ltd. signed a supplemental agreement to acquire 40% stake in Datang Guoxin Binhai Offshore Wind Power Co., Ltd. from Jiangsu Guoxin Investment Group Limited for approximately CNY 790 million. Payment will be done by issuing 66.8 million shares at CNY 11.2 per share. As of August 31, 2021, Datang Guoxin Binhai had total assets worth CNY 4.7 billion and net assets worth CNY 1.27 billion. As of June 24, 2021, Jiangsu New Energy announced the adjustment of the issuance of price, the transaction price is CNY 750 million which will be paid by issuing shares, which is CNY 11.22 per share. The number of shares to be issued will be adjusted from 66,844,919 to 67,750,677. The transaction must be approved by Guoxin Group, shareholders of Jiangsu New Energy and China Securities Regulatory Commission. The transaction plan was approved by the board of directors of Guoxin Group, the state-owned assets supervision and management agency, the 18th meeting of the second board of directors of Jiangsu New Energy Development. This transaction has obtained a written statement that other shareholders of the target company waived the right of first refusal. Huatai United Securities Co., Ltd. acted as a financial advisor, Grandall Law Firm as a legal advisor and Talent Certified Public Accountants as an accountant to Jiangsu New Energy Development Co., Ltd. for the transaction. As of May 24, 2021, Jiangsu New Energy Development shareholders approved the deal. As of August 19, 2021, China Securities Regulatory Commission has approved the deal on August 18, 2021. On September 3, 2021, the company received the "Approval of the Approval of Jiangsu New Energy Development Co., Ltd. (SHSE: 603693) Issuing Shares to Purchase Assets from Jiangsu Guoxin Group Co., Ltd." issued by the China Securities Regulatory Commission.
Jiangsu New Energy Development Co., Ltd. is a China-based company principally engaged in the investment and development, construction and operation, and power sales of new energy power generation projects. The Company mainly conducts its businesses through wind power generation, biomass energy power generation and photovoltaic power generation businesses. The Company's main product is electricity. The Company operates its power generation projects in domestic market and overseas markets.
Jiangsu New Energy Development Co., Ltd. agreed to acquire 40% stake in Datang Guoxin Binhai Offshore Wind Power Co., Ltd. from Jiangsu Guoxin Investment Group Limited for approximately CNY 790 million.