Zhao Jian cancelled the acquisition of Jiangxi Qianglian Electrical Co., Ltd. from Zhejiang Jinlihua Electric Co., Ltd..
February 16, 2022
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Zhao Jian entered into an agreement to acquire Jiangxi Qianglian Electrical Co., Ltd. from Zhejiang Jinlihua Electric Co., Ltd. (SZSE:300069) on April 13, 2021. The consideration will be paid in cash. Parties of the transaction agree that buyer will pay 50% of consideration within 7 working days and remaining 50% of consideration will be paid within 30 days from the date when Zhejiang Jinlihua Electric Co., Ltd.'s general meeting of shareholders considers and approves the equity transfer. Jiangxi Qianglian Electrical reported total assets of CNY 138.04 million and net assets of CNY 47.08 million as on September 30, 2020; and total assets of CNY 148.5 million, net assets of CNY 53.9 million, operating revenue of CNY 45.6 million, operating profit of CNY 6.8 million and net profit of CNY 6.7 million in the period ended December 31, 2019. On April 13, 2021, the sixth meeting of the fifth Board of Directors of Zhejiang Jinlihua Electric Co., Ltd. reviewed and approved the transaction.
Zhao Jian cancelled the acquisition of Jiangxi Qianglian Electrical Co., Ltd. from Zhejiang Jinlihua Electric Co., Ltd. (SZSE:300069) on February 17, 2022.
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.