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PLANET GREEN HOLDINGS CORP.

(PLAG)
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PLANET GREEN HOLDINGS CORP. : Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-K)

11/30/2021 | 04:32pm EST

Item 1.01 Entry Into A Material Definitive Agreement.

On November 30, 2021, Planet Green Holdings Corp. (the "Company") and Jiayi Technologies (Xianning) Co., Ltd. (the "Purchaser"), a subsidiary of the Company, entered into a Share Purchase Agreement ("Agreement") with Yongsheng Chen ("Seller"), a shareholder of Jilin Chuangyuan Chemical Co., Ltd. ("Jinlin"), pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to purchase from the Seller the remaining 25% of the outstanding equity interests of Jilin. Pursuant to the terms of the Agreement, the Company agreed to pay to the Seller an aggregate of U.S. $4,750,000 in exchange for the 25% of the issued and outstanding shares of Jinlin. Prior to completion of the acquisition of the Seller's shares, the Company owned 75% equity interest of Jilin through the Purchaser. As a result of the completion of the transaction, the Company owns 100% of Jinline through the Purchaser. The parties completed the transaction on November 30, 2021.

In connection with the closing of the share purchase transaction, the Purchaser entered into a number of amended agreements with Jilin which are customary for variable interest entities (VIEs), copies of which are filed herewith as Exhibits 10.2 through 10.6, respectively. VIEs are contractual arrangements and the structure involves unique risks to investors. The VIE structure is used to replicate foreign investment in China-based companies.

Item 2.01 Completion of Acquisition or Disposition of Assets.

The information set forth in Item 1.01 above relating to the closing of the share purchase transaction is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.



Exhibit No.   Description
10.1            Share Purchase Agreement, dated as of November 30, 2021, by and among
              Planet Green Holdings Corp., Jiayi Technologies (Xianning) Co., Ltd.,
              and Yongsheng Chen, a shareholder of Jilin Chuangyuan Chemical Co.,
              Ltd.
10.2            Amended Consultation and Service Agreement
10.3            Amended Business Cooperation Agreement
10.4            Amended Equity Pledge Agreement
10.5            Amended Equity Option Agreement
10.6            Amended Voting Rights Proxy and Financial Supporting Agreement
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)




                                       1

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Financials (USD)
Sales 2020 3,64 M - -
Net income 2020 -11,1 M - -
Net cash 2020 3,38 M - -
P/E ratio 2020 -2,04x
Yield 2020 -
Capitalization 33,6 M 33,6 M -
EV / Sales 2019 12,9x
EV / Sales 2020 5,83x
Nbr of Employees 148
Free-Float 57,7%
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Managers and Directors
Bin Zhou Chairman, President & Chief Executive Officer
Lili Hu Chief Financial Officer & Director
Yong Yang Chief Technology Officer
Daqi Cui Chief Operating Officer
Chao Chen Independent Director
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