Jiangsu Yoke Technology Co., Ltd. cancelled the acquisition of 84.83% stake in Jiangsu Xianke Semiconductor New Material Co., Ltd. from group of sellers.
December 13, 2018
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Jiangsu Yoke Technology Co., Ltd. (SZSE:002409) agreed to acquire 84.83% stake in Jiangsu Xianke Semiconductor New Material Co., Ltd. from group of sellers for CNY 1.3 billion on October 16, 2017. Jiangsu Yoke Technology Co., Ltd. will issue 55.17 million shares as consideration. In a related transaction, Jiangsu Yoke Technology Co., Ltd. agreed to acquire 90% stake in Chengdu Kemeite Special Gas Co., Ltd. for CNY 1.3 billion. As of May 18, 2018, the terms of the transaction were amended. Jiangsu Yoke Technology Co., Ltd. will now issue 55.2 million shares at CNY 20.729 per share. The amendment was done after its 2017 equity distribution plan.
As of December 31, 2016, Jiangsu Xianke Semiconductor New Material Co., Ltd. reported total assets of CNY 1.28 billion and net assets of CNY 1.15 billion. For 2016, Jiangsu Xianke Semiconductor New Material Co., Ltd. reported revenue of CNY 352.16 million, operating profit of CNY 61.41 million and net profit of CNY 17.3 million. The transaction is subject to approval from shareholders’ of Jiangsu Yoke Technology Co., Ltd. and CSRC’s (China Securities Regulatory Commission) approval. On October 16, 2017, Jiangsu Xianke Semiconductor New Material Co., Ltd. held a shareholders meeting, and approved the transaction. On October 17, 2017, Jiangsu Yoke Technology Co., Ltd. held the 6th meeting of the 4th directorate, and approved the transaction. On March 14, 2018, Jiangsu Yoke Technology Co., Ltd received unconditional approval from China Securities Regulatory Commission in its 13th work meeting of 2018. As of April 13, 2018, Jiangsu Yoke Technology Co., Ltd. received the approval to issue shares for the transaction from the China Securities Regulatory Commission.
Dongxing Securities Co., Ltd. (SHSE:601198) acted as financial advisor, Lin Lin, Geng Chen and Chen Jie of Grandall Law Firm acted as legal advisors and Lu Dezhong and Cheng Zhengfeng of Jiangsu Talent CPA Co., Ltd. acted as accountants to Jiangsu Yoke Technology Co., Ltd.
Jiangsu Yoke Technology Co., Ltd. (SZSE:002409) cancelled the acquisition of 84.83% stake in Jiangsu Xianke Semiconductor New Material Co., Ltd. from group of sellers on December 14, 2018.
Jiangsu Yoke Technology Co., Ltd is a China-based company principally engaged in the research, development, production and sale of organic phosphate flame retardants and other rubber and plastic aids. The Companyâs main products portfolio consists of flame retardants for engineering products, flame retardants for polyurethane and others. The Company's flame retardants are mainly applied in chemical materials, carpets, raincoats, textile products and rubber products. The Company also provides tin salts, silicon oil and amine products, silicone surfactant for polyurethane, as well as catalysts for polyurethane and others. The Company distributes its products in domestic markets and to overseas markets.
Jiangsu Yoke Technology Co., Ltd. cancelled the acquisition of 84.83% stake in Jiangsu Xianke Semiconductor New Material Co., Ltd. from group of sellers.
JIANGSU YOKE TECHNOLOGY CO., LTD. 
