Hebei XuanHua XinDi Insulator Co.,Ltd agreed to acquire Jiangxi Qianglian Electric Porcelain Joint-stock Co. Ltd from Jinlihua Electric Co., Ltd. for CNY 35.5 million.
February 16, 2022
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Hebei XuanHua XinDi Insulator Co.,Ltd agreed to acquire Jiangxi Qianglian Electric Porcelain Joint-stock Co. Ltd from Jinlihua Electric Co., Ltd. (SZSE:300069) for CNY 35.5 million on February 17, 2022. Hebei XuanHua XinDi Insulator Co., Ltd. will pay 50% of the consideration within within 10 working days from the agreement effective date, 40% of the consideration within 5 working days after the completion and the remaining within 12 months after the completion. On October 20, 2021, Jiangxi Qianglian Electric Porcelain had total assets worth approximately CNY 113 million and net assets worth approximately CNY 13.06 million. The transaction is subject to Jinlihua Electric's shareholders approval and has been approved by the board of Jinlihua Electric.
Jinlihua Electric Co Ltd, formerly Zhejiang Jinlihua Electric Co Ltd, is a China-based company principally engaged in the research, development, manufacture, sales of glass insulators, and provision of related technical services. The Companyâs main products include glass insulators for high-voltage, ultra high-voltage and special high-voltage alternating current (AC) and direct current (DC) electric power transmission and transformation lines, including standard type insulators, fog type suspension insulators, open air profile type suspension insulators, and cap and pin type suspension insulators, as well as ceramic insulators. The Companyâs products are mainly used in insulation and suspension wires of power transmission lines. In addition, the Company is also engaged in the operation of drama, television shows and movies through its subsidiaries.
Hebei XuanHua XinDi Insulator Co.,Ltd agreed to acquire Jiangxi Qianglian Electric Porcelain Joint-stock Co. Ltd from Jinlihua Electric Co., Ltd. for CNY 35.5 million.