Inner Mongolia Donghui Industrial Group Co., Ltd. and Wu Qian signed a share purchase agreement to acquire 25% stake in Zhejiang M-Grass Happy Grass Environmental Development Co., Ltd. from Inner Mongolia M-Grass Ecology And Environment Co., Ltd. for approximately CNY 100 million.
November 19, 2020
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Inner Mongolia Donghui Industrial Group Co., Ltd. and Wu Qian signed a share purchase agreement to acquire 25% stake in Zhejiang M-Grass Happy Grass Environmental Development Co., Ltd. from Inner Mongolia M-Grass Ecology And Environment (Group) Co., Ltd. (SZSE:300355) for approximately CNY 100 million on November 20, 2020. Under the terms of transaction, Inner Mongolia Donghui Industrial Group Co., Ltd. and Wu Qian will pay 30% before December 31, 2021, 30% before December 31, 2022, and the remaining amount before December 31, 2023. On September 30, 2020, Zhejiang M-Grass Happy Grass Environmental Development Co., Ltd. reported total assets of CNY 1.266 billion and net assets of CNY 364.499 million. The transaction has been approved in the 16th meeting of the Inner Mongolia M-Grass Ecology And Environment 4th directorate held on November 20, 2020 and does not need the shareholders approval.
M-Grass Ecology and Environment Group Co Ltd, formerly Inner Mongolia M-Grass Ecology And Environment Group Co Ltd, is a China-based company principally engaged in ecological restoration and seed technology development. The Company's main businesses include construction and operation of natural ecological environment, sales of grass seeds and native plants, photovoltaic power generation and construction of big data platforms. The Company's services can be used in various ecological environments such as mines, grasslands, urban green spaces, and deserts.
Inner Mongolia Donghui Industrial Group Co., Ltd. and Wu Qian signed a share purchase agreement to acquire 25% stake in Zhejiang M-Grass Happy Grass Environmental Development Co., Ltd. from Inner Mongolia M-Grass Ecology And Environment Co., Ltd. for approximately CNY 100 million.
M-GRASS ECOLOGY AND ENVIRONMENT (GROUP) CO., LTD. 
