Changchun jingkai Group Co., Ltd entered into an agreement to acquire America Wanfeng Corporation from Zhejiang Wanfeng Technology Development Co., Ltd. for CNY 1.6 billion.
June 28, 2021
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Changchun jingkai Group Co., Ltd (SHSE:600215) entered into an agreement to acquire America Wanfeng Corporation from Zhejiang Wanfeng Technology Development Co., Ltd. for CNY 1.6 billion on June 29, 2021. Post completion, America Wanfeng Corporation will operate as a wholly-owned subsidiary of Changchun jingkai Group. As of December 31, 2020, America Wanfeng Corporation reported total assets of $217.22 million (approximately CNY 1.4 billion), net assets of $48.08 million (approximately CNY 310 million), EBIT of $195.36 million (approximately CNY 1.3 billion) and net profit of $7.59 million (approximately CNY 49 million). The transaction is subject to be reviewed and approved by the counterparty Wanfeng Technology shareholders' general meeting, approved by the shareholders' meeting by Changchun jingkai Group, to obtain overseas investment filing/approval from the development and reform department and the competent commercial authority. The transaction has been reviewed and approved by the America Wanfeng Corporation shareholders' meeting. The transaction has been reviewed and approved by the board of directors of the counterparty Wanfeng Technology. The transaction has been reviewed and approved at the 23rd meeting of the 9th Board of Directors of Changchun jingkai Group. As of September 14, 2021, the shareholders of Changchun Jingkai approved the transaction. Lu Jiegang, Hao Wei and Hu Zhi of China United Assets Appraisal Group Co., Ltd. acted as a assets appraiser, Yao Gengchun, Zhao Lihong and Shi Huabi of ZhongXingCaiGuangHua CPA Office Co. Ltd acted as an accountant, Yan Huarong, Yu Ting and Xu Jing of Grandall Lawyers (Hangzhou) Firm acted as a legal advisor, Ge Ruoyu, Wu Feiping, Wang Ruijie and Zhou Jie of Haitong Securities Co., Ltd. (SHSE:600837) acted as a financial advisor to Changchun jingkai Group.
Paslin Digital Technology Co Ltd, formerly Changchunjingkai (Group) Co Ltd, is a China-based company principally engaged in real estate development and infrastructure engineering construction businesses. The Company is engaged in the development of residential and commercial buildings. In addition, the Company also provides installation service, property management service and property leasing service. The Company is also engaged in welding equipment business. The Company mainly conducts its businesses in Jilin province, China.
Changchun jingkai Group Co., Ltd entered into an agreement to acquire America Wanfeng Corporation from Zhejiang Wanfeng Technology Development Co., Ltd. for CNY 1.6 billion.