Shandong Dawn Polymer Co.,Ltd. completed the acquisition of 80% stake in Qingdao Haier New Material Research and Development Co., Ltd. from Yantai Xuli Shengen Investment Center (Limited Partnership).
November 18, 2018
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Shandong Dawn Polymer Co.,Ltd. (SZSE:002838) signed an equity purchase agreement to acquire 80% stake in Qingdao Haier New Material Research and Development Co., Ltd. from Yantai Xuli Shengen Investment Center (Limited Partnership) for approximately CNY 260 million on September 3, 2018. The consideration will be paid in cash. Under the terms of the agreement, first installment of 63.75% of the price will be paid within 30 days since signing of the respective agreement, second installment for CNY 72 million payable within 30 days since publication of the Qingdao Haier New Material Research and Development's 2018 financial statement (audited) (payable to Shandong Longxu Polymer Material Co., Ltd) and third installment for the rest of the price payable within 30 days since publication of the Qingdao Haier New Material Research and Development's 2020 financial statement. The transaction is subject to approval by shareholders of Shandong Dawn Polymer Co.,Ltd. The transaction is approved by Qingdao Haier New Material Research and Development Co., Ltd. and Yantai Xuli Shengen Investment Center (Limited Partnership) on September 3, 2018. The transaction is approved by the Board of Shandong Dawn Polymer Co.,Ltd. on September 6, 2018. Shengang Securities Co., Ltd. acted as financial advisor for Shandong Dawn Polymer Co.,Ltd.
Shandong Dawn Polymer Co.,Ltd. (SZSE:002838) completed the acquisition of 80% stake in Qingdao Haier New Material Research and Development Co., Ltd. from Yantai Xuli Shengen Investment Center (Limited Partnership) on November 19, 2018. On October 23, 2018, Shandong Dawn Polymer Co.,Ltd.’s 14th session of the 3rd Directorate meeting reviewed and approved the deal. On November 9, 2018, Shandong Dawn Polymer Co.,Ltd.’s 2018 1st extraordinary general meeting reviewed and approved the deal. . On November 19, 2018, Jiaozhou Market Supervision and Administration Bureau approved the industry and commerce registration modification involved in this transaction and issued the new business license. Zechang Law Firm acted as legal advisor to Shandong Dawn Polymer Co.,Ltd.
Shandong Dawn Polymer Co., Ltd. is a China-based company mainly engaged in the research and development, manufacture and sales of polymer composites. The Company operates through two business segments: Modified Plastics and Thermoplastic Elastomers Production and Operation segment and the Color Concentrate Production and Operation segment. The Companyâs products consist of modified plastics, including reinforcing and toughening modified plastics, flame-retardant modified plastics, high gloss modified plastics and others, as well as dynamic fully vulcanized thermoplastic elastomers and masterbatch products, including special masterbatch and multifunctional masterbatches. The products are applied to automobiles, home appliances, electronics, office equipment, aerospace, health and other areas. The Company distributes its products within domestic market and to overseas markets.
Shandong Dawn Polymer Co.,Ltd. completed the acquisition of 80% stake in Qingdao Haier New Material Research and Development Co., Ltd. from Yantai Xuli Shengen Investment Center (Limited Partnership).
SHANDONG DAWN POLYMER CO.,LTD. 