JL Mag Rare-Earth Co., Ltd. cancelled the acquisition of 46% stake in Xinyang Yen Sonic Technology Co., Ltd. from Innovative Frontier Limited.
August 23, 2023
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JL Mag Rare-Earth Co., Ltd. (SZSE:300748) entered into a letter of interest to acquire a 46% stake in Xinyang Yen Sonic Technology Co., Ltd. from Innovative Frontier Limited for CNY 189.7056 million on July 6, 2022. JL Mag Rare-Earth Co., Ltd. (SZSE:300748) entered into a equity transfer agreement to acquire a 46% stake in Xinyang Yen Sonic Technology Co., Ltd. from Innovative Frontier Limited for CNY 189.7056 million on July 21, 2022. In a related transaction, JL Mag Rare-Earth entered into a letter of interest to acquire a 51% stake in Suzhou Yuange Electronics Co., Ltd. from Easy Victory Global Limited. After the completion of the Equity Transfers, Xinyang Yen will not be incorporated into the consolidated financial statements of the Company, while Suzhou Yuange will become a subsidiary of the Company and its financial statements will be incorporated into the consolidated financial statements of the Company. Xinyang Yen Sonic Technology Co., Ltd. generated Total assets of CNY 779.402 million and Net assets of CNY 305.836 million for March 2022. This transaction has been reviewed and approved by Board of directors of JL Mag Rare-Earth Co., Ltd.
JL Mag Rare-Earth Co., Ltd. (SZSE:300748) cancelled the acquisition of 46% stake in Xinyang Yen Sonic Technology Co., Ltd. from Innovative Frontier Limited on August 24, 2023.
Jl Mag Rare-Earth Co Ltd is a China-based company mainly engaged in the production of high-performance rare earth permanent magnet materials. The Company focuses on the research and development, production and sales of high-performance Nd-Fe-B permanent magnet materials used in the global new energy, energy saving and environmental protection fields. The Company's products are widely used in new energy vehicles and auto parts, permanent magnet wind generators, energy-saving inverter air conditioners and other industries. The Company sales its products in the domestic and foreign market.