Nanjing Iron & Steel Co., Ltd. completed the acquisition of 14.42% stake in Zhejiang Wansheng Co., Ltd. from Linhai Wansheng Investment Co., Ltd.
April 07, 2021
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Nanjing Iron & Steel Co., Ltd. (SHSE:600282) agreed to acquire 14.42% stake in Zhejiang Wansheng Co., Ltd. (SHSE:603010) from Linhai Wansheng Investment Co., Ltd. for CNY 1.2 billion on January 27, 2021. Nanjing Iron & Steel will purchase 50 million shares of Zhejiang Wansheng at CNY 23.73 per share. Zhejiang Wansheng has total assets of CNY 2.3 billion and Owners' equity of CNY 1.4 billion as September 30, 2020. Zhejiang Wansheng generated operating income of CNY 1.6 million and net profit of CNY 219.6 million from January to September 2020. The transaction has been approved by the Board of Directors of Nanjing Iron & Steel.
Nanjing Iron & Steel Co., Ltd. (SHSE:600282) completed the acquisition of 14.42% stake in Zhejiang Wansheng Co., Ltd. (SHSE:603010) from Linhai Wansheng Investment Co., Ltd. on April 8, 2021. On December 29, 2021, Nanjing Iron & Steel Co., Ltd. received the Concentration of Undertakings Anti-Monopoly Review Non-Prohibition Decision Concentration of Undertakings Anti-Monopoly Review Non-Prohibition Decision.
Zhejiang Wansheng Co.,Ltd is a China-based company principally engaged in the research, development, production and sale of organophosphorus flame retardants. The Company's main products include polyurethane flame retardants (polyurethane soft foam flame retardants and polyurethane foam) and engineering plastics flame retardants. The Company's products are mainly used in the areas of aerospace, automotive, electronics, construction and furniture. The Company distributes its products in domestic market and to overseas markets.
ZHEJIANG WANSHENG CO., LTD. 
