JL Mag Rare-Earth Co., Ltd. cancelled the acquisition of 51% stake in Suzhou Yuange Electronics Co., Ltd. from Easy Victory Global 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 51% stake in Suzhou Yuange Electronics Co., Ltd. from Easy Victory Global Limited for CNY 90.37 million on July 6, 2022. In a related transaction, JL Mag Rare-Earth entered into a letter of interest to acquire a 46% stake in Xinyang Yen Sonic Technology Co., Ltd. from Innovative Frontier Limited. Suzhou Yuange Electronics Co., Ltd. generated total assets of CNY 257.541 million and Net assets of CNY 146.702 million for March 2022. This transaction has been reviewed and approved by the board of directors of JL Mag Rare-Earth Co., Ltd. on July 21, 2022, JL Mag Rare-Earth Co., Ltd. entered into an equity transfer agreement with Easy Victory Global Limited.
JL Mag Rare-Earth Co., Ltd. (SZSE:300748) cancelled the acquisition of 51% stake in Suzhou Yuange Electronics Co., Ltd. from Easy Victory Global 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.
JL MAG RARE-EARTH CO., LTD. 
