Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. completed the acquisition of Jiangxi Kewei Film New Material Co., Ltd from Ke Qiuping and Shi Zhaojun.
July 21, 2015
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Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. (SZSE:002585) entered into an agreement to acquire Jiangxi Kewei Film New Material Co., Ltd from Ke Qiuping and Shi Zhaojun for CNY 180 million on June 9, 2015. Jiangsu Shuangxing Color Plastic New Materials will acquire 99% stake in Jiangxi Kewei Film New Material Co., Ltd. held by Ke Qiuping and 1% stake in Jiangxi Kewei Film New Material Co., Ltd. held by Shi Zhaojun for CNY 80 million. At the same time, Jiangsu Shuangxing Color Plastic New Materials will carry out capital increase of CNY 100 million. After the completion of the transaction, Jiangsu Shuangxing Color Plastic New Materials will directly hold 100% stake in Jiangxi Kewei Film New Material Co., Ltd.
Jiangsu Shuangxing Color Plastic New Materials intends to use 2014 private placement proceeds of CNY 180 million for this acquisition and capital increase towards Jiangxi Kewei Film New Material Co., Ltd. Jiangxi Kewei Film New Material Co., Ltd reported total assets of CNY 108.08 million, net liabilities of CNY 23.55 million, revenues of CNY 79.52 million and net loss of CNY 9.74 million in 2014. Shareholders of Jiangsu Shuangxing Color Plastic New Materials approved the transaction on June 25, 2015. The transaction was unanimously approved by Board of Jiangsu Shuangxing Color Plastic New Materials.
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. (SZSE:002585) completed the acquisition of Jiangxi Kewei Film New Material Co., Ltd from Ke Qiuping and Shi Zhaojun on July 22, 2015.
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. is a China-based company principally engaged in the research, development, production and sale of functional film. The Company's main products include polymer composites, new optoelectronic materials, optical film, solar cell backing film, back sheets, polyester capacitive film, variable information materials, heat shrinkable materials and polyester base film. The Company's products are mainly used in the area of packaging in food, beverage, medicine and daily necessity industries. The Company distributes its products in domestic and to overseas markets.
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. completed the acquisition of Jiangxi Kewei Film New Material Co., Ltd from Ke Qiuping and Shi Zhaojun.
JIANGSU SHUANGXING COLOR PLASTIC NEW MATERIALS CO., LTD. 
