Hangzhou Boiler Group Co., Ltd. cancelled the acquisition of 9.6% in Jolywood Sunwatt Co., Ltd. from Lin Jianwei and Zhang Yuzheng.
October 19, 2020
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Hangzhou Boiler Group Co., Ltd. (SZSE:002534) agreed to acquire 9.6% in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Lin Jianwei and Zhang Yuzheng for approximately CNY 740 million on August 9, 2020. Lin Jianwei will transfer 45.1 million shares and Zhang Yuzheng will transfer 29.5 million shares at CNY 9.9 per share in cash. The consideration is payable in two installments. On the day of signing this agreement, CNY 300 million will be paid while the balance with 5 days when the agreement comes into effect. Hangzhou Boiler Group Co., Ltd. will also sign an agreement to acquire another 9.1% in Jolywood (Suzhou) Sunwatt Co., Ltd. Hangzhou Boiler Group Co., Ltd. will finance the transaction through its own funds, self-raised funds, etc. On August 9, 2020, the Board of Directors of Hangzhou Boiler Group Co., Ltd. approved the transaction. The deal requires further approval from shareholders. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor for Hangzhou Boiler Group Co., Ltd.
Hangzhou Boiler Group Co., Ltd. (SZSE:002534) cancelled the acquisition of 9.6% in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Lin Jianwei and Zhang Yuzheng on October 20, 2020. Transaction got calcelled as the board of directors, management and controlling shareholders of Hangzhou believe that the current stage of continuing the reorganization and the conditions are not mature enough.
Jolywood (Suzhou) Sunwatt Co.,Ltd. is a China-based company principally engaged in the solar photovoltaic business. The Company operates its business mainly through three segments. The Backsheet segment mainly provides a range of photovoltaic back film products, such as patented fluorocarbon inner coating (FFC) structure, Tedlar Polyester Tedlar (TPT) structure, Tedlar Fluoropolymer Bachsheet (TFB) structure, K-class Fluoropolymer Bachsheet (KFB) structure and primer/polyethylene terephthalate (MLP) structure. The High-efficiency Battery segment mainly provides N-type single crystal bifacial solar cells. The Photovoltaic Application System segment mainly provides distributed photovoltaic power plants, agricultural light complementary power plants and household photovoltaic projects. The Company distributes its products in domestic market and to overseas markets.