Jiangyin Hengrun Heavy Industries Co., Ltd completed the acquisition of 51% stake in Jiangyin GKVAC Precision Equipment Co., Ltd. from Qu Jianqiang, Qu Yitao, Lu Yaojuan, Huang Fei and Jiangyin Guangke Qiming Enterprise Management Center Partnership (Limited Partnership).
October 01, 2018
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Jiangyin Hengrun Heavy Industries Co., Ltd (SHSE:603985) agreed to acquire 51% stake in Jiangyin GKVAC Precision Equipment Co., Ltd. from Qu Jianqiang, Qu Yitao, Lu Yaojuan, Huang Fei and Jiangyin Guangke Qiming Enterprise Management Center Partnership (Limited Partnership) for approximately CNY 180 million on September 22, 2018. Under the terms of transaction, Jiangyin Hengrun Heavy Industries Co., Ltd will acquire 30.6% stake from Qu Jianqiang for CNY 107.8 million, 10.2% stake from Qu Yitao for CNY 35.9 million, 4.3% stake from Lu Yaojuan for CNY 15.1 million, 3.2% stake from Huang Fei for CNY 11.2 million and 2.7% stake from Jiangyin Guangke Qiming Enterprise Management Center Partnership (Limited Partnership) for CNY 9.6 million. The consideration must be paid within 60 days since completion of delivery of underlying equity. For the year ended December 31, 2017, Jiangyin Guangke Optoelectronic Precision Equipment Co., Ltd. had total assets of CNY 120.2 million, net assets of CNY 29.7 million, operating income of CNY 89.4 million and net profit of CNY 14.4 million. The transaction is not subject to approval from shareholders of Jiangyin Hengrun Heavy Industries Co., Ltd. The transaction has been approved by the Board of Jiangyin Hengrun Heavy Industries Co., Ltd.
Jiangyin Hengrun Heavy Industries Co., Ltd (SHSE:603985) completed the acquisition of 51% stake in Jiangyin GKVAC Precision Equipment Co., Ltd. from Qu Jianqiang, Qu Yitao, Lu Yaojuan, Huang Fei and Jiangyin Guangke Qiming Enterprise Management Center Partnership (Limited Partnership) on October 12, 2018. The business license was issued by the Administrative Bureau of Jiangyin, and registration modification procedures got complete.
Jiangyin Hengrun Heavy Industries Co., Ltd. is a China-based company principally engaged in the research and development, manufacturing and sales of metal products. The Company's primary products include rolled ring forgings, forged flanges and other free forging products. Its products are mainly used in the wind power industry, petrochemical industry, metal pressure vessel industry, as well as the machinery, shipbuilding, nuclear power and other industries. The Company mainly operates its businesses in the Mainland of China.
Jiangyin Hengrun Heavy Industries Co., Ltd completed the acquisition of 51% stake in Jiangyin GKVAC Precision Equipment Co., Ltd. from Qu Jianqiang, Qu Yitao, Lu Yaojuan, Huang Fei and Jiangyin Guangke Qiming Enterprise Management Center Partnership (Limited Partnership).