Shanghai Yifan Technology Co., Ltd. completed the acquisition of ZhongXing Energy Equipment Co.,Ltd. from Nanfang Ventilator Co., Ltd..
December 29, 2021
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Shanghai Yifan Technology Co., Ltd. agreed to acquire ZhongXing Energy Equipment Co.,Ltd. from Nanfang Ventilator Co., Ltd. (SZSE:300004) for CNY 1.1 billion on May 18, 2021. As on December 31, 2021, total asset, net asset, revenue, operating profit and net profit of ZhongXing Energy Equipment Co.,Ltd. was CNY 1.8 billion, CNY 1.6 billion, CNY 570 million, CNY 29.4 million and CNY 24.3 million respectively. As per the article on October 21, 2021, The transaction plan has been reviewed and approved by the counterparty's internal authority. The transaction is subject to approval of Nanfang shareholders. On June 22, 2021, the 8th session of the 5th directorate of Nanfang Ventilator Co., Ltd. approved the transaction. China Security Co., Ltd. (SHSE:600654) acting as a financial advisor, Kingson Law Firm as a legal advisor and Zhongxinghua Certified Public Accountants LLP as an accountant to Nanfang Ventilator Co., Ltd. for the transaction.
Shanghai Yifan Technology Co., Ltd. completed the acquisition of ZhongXing Energy Equipment Co.,Ltd. from Nanfang Ventilator Co., Ltd. (SZSE:300004) on December 30, 2021. CNY 541.56 million have been paid considering the 51% of the total consideration , 51% of the total consideration of the transaction. The remaining 49% of the transaction price of this transaction will be paid within 12 months after the property transfer contract takes effect. Nanfang Ventilator Co., Ltd's shareholders approved the transaction. On December 2, 2022, the company received the final equity transfer payment of RMB 520.321 million, 49% of the total transaction consideration from Shanghai Yifan Technology Co., Ltd. The Nanfang Ventilator Co., Ltd. (SZSE:300004) has received all the equity transfer funds for this transaction.
Nanfang Ventilator Co., Ltd. is a China-based company principally engaged in the design, development, manufacture and distribution of heating, ventilation and air conditioning (HVAC) systems and products. The Companyâs main products include HVAC system equipment, special materials and energy engineering fittings. The Company's products are mainly used in nuclear power, coal chemical industry, emerging chemical industry, industrial and civilian construction, subway and tunnels, among others. The Company distributes its products in domestic market and to overseas market.