Harbin High-Tech (Group) Co.,Ltd (SHSE:600095) signed an equity transfer agreement to acquire 15% in Shanghai DZH Limited (SHSE:601519) from Zhejiang Xinhu Group Co., Ltd. for CNY 2.7 billion on August 14, 2020. As per terms, 298.2 million shares will be acquired at CNY 8.97 per share in cash. The consideration is payable in three installments. Within 10 days of signing the agreement, CNY 50 million is payable, within 3 months after all the prerequisites are met, 51% is payable and balance within 9 months after obtaining the compliance confirmation opinion of the Shanghai Stock Exchange. Post completion, Xinhu Group Co., Ltd. will retain a 0.52% stake. The transaction is subject to approval from the Board of Directors of Harbin High-Tech (Group) Co.,Ltd and its shareholders. On August 14, 2020, Harbin High-Tech held the second meeting of the Ninth Board of Directors, and reviewed and approved the "Proposal on Major Asset Purchase in Compliance with Relevant Laws and Regulations" and the "Proposal on the Major Asset Purchase and Related Party Transaction Program "Proposal", "Proposal on the signing of a conditionally effective "Share Transfer Agreement" , "Proposal on the "Harbin High-Tech (Group) Co., Ltd. Major asset purchase and Related Transaction Plan" and its summary", etc. and all proposals related to this transaction. Transaction has been approved by Sixth Meeting of the Ninth Board of Directors of Harbin High-Tech. China Galaxy Securities Co., Ltd. (SEHK:6881) acted as financial advisor to Harbin High.


Harbin High-Tech (Group) Co.,Ltd (SHSE:600095) completed the acquisition of 15% in Shanghai DZH Limited (SHSE:601519) from Zhejiang Xinhu Group Co., Ltd. on January 14, 2021.