Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd completed the acquisition of 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD.
December 20, 2022
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Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd signed a letter of intent to acquire a 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. for approximately CNY 310 million on November 11, 2022. As of November 25, 2022, Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd enter into an agreement to acquire a 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd shall pay the transferor the first installment of the equity transfer payment, which is 80% of the total price and second phase of the equity transfer payment before June 30, 2023, and the amount is 20% of the total equity transfer price. The board of director of QingHai HuaDing Industrial CO.,LTD have approved the transaction. As of year ended 2021, Guangzhou Ruifeng Culture Communication Co., Ltd reported revenue of CNY 260.0956 million, total assets of CNY 279.47 million, total common equity of CNY 115.11 million and net income of CNY 440.07 million. As of December 15, 2022, the transaction is approved shareholders of QingHai HuaDing Industrial CO.,LTD.
Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd completed the acquisition of 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD. on December 21, 2022.
QingHai HuaDing Industrial Co Ltd is a China-based company principally engaged in the manufacturer and sales of mechanical products. The Company's main products consist of machine tools, food processing machines, elevator components, gearboxes, lighting equipment, hotel equipment and others. It is also engaged in the provision of food and medical services. Its products are applied in metallurgy, ship, property development and food manufacturing industries, among others. The Company distributes its products primarily in domestic markets, with South China and Northeast China as its major markets.
Guangzhou Ruifeng Chuangzhan Industrial Investment Co., Ltd completed the acquisition of 70% stake in Guangzhou Ruifeng Culture Communication Co., Ltd from QingHai HuaDing Industrial CO.,LTD.