Shanghai Hongchangcheng Group Ltd. completed the acquisition of 100% stake in Inner Mongolia Huitong Energy Investment Co., Ltd. and 5% stake in Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd. from Shanghai Huitong Energy Co.,Ltd..
May 20, 2019
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Shanghai Hongchangcheng Group Ltd. agreed to acquire 100% stake in Inner Mongolia Huitong Energy Investment Co., Ltd. and 5% stake in Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd. from Shanghai Huitong Energy Co.,Ltd. (SHSE:600605) for approximately CNY 400 million on April 26, 2019. Under the terms of transaction, Shanghai Hongchangcheng Group Ltd. will acquire 100% stake in Inner Mongolia Huitong Energy Investment Co., Ltd. for CNY 288.6 million, where by it will pay CNY 110.4 million for share transfer, CNY 159.2 for the payables and CNY 19 million for dividends payable; and CNY 105.1 million for acquiring 5% stake in Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd, where by it will pay CNY 9.8 million for share transfer, CNY 90.8 million for the payables and CNY 4.5 million for dividends payable.
For the year ended December 31, 2018, Inner Mongolia Huitong Energy Investment Co., Ltd. had total assets of CNY 223.8 million, net assets of CNY 33.9 million, revenue of CNY 0 and net loss of CNY 1.9 million; and Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd. had total assets of CNY 591.1 million, net assets of CNY 286.3 million, revenue of CNY 87.5 million and net profit of CNY 19.9 million. The transaction is subject to approval from shareholders of Shanghai Huitong Energy Co.,Ltd. The transaction has been approved by the Board of Shanghai Huitong Energy Co.,Ltd.
Shanghai Hongchangcheng Group Ltd. completed the acquisition of 100% stake in Inner Mongolia Huitong Energy Investment Co., Ltd. and 5% stake in Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd. from Shanghai Huitong Energy Co.,Ltd. (SHSE:600605) on May 21, 2019.
SHANGHAI HUITONG ENERGY CO., LTD is a China based company principally engaged in trading business. The Company operates its business through three segments. The Wind Power segment is mainly engaged in project development, construction and operation business. The Trading segment is mainly engaged in the domestic copper wholesale trading business. The Real Estate segment is mainly engaged in the relocation, design, decoration, renting and operation as well as provides property management services for the company's own office buildings, warehouses and workshops. The Company mainly operates its business in Shanghai City.
Shanghai Hongchangcheng Group Ltd. completed the acquisition of 100% stake in Inner Mongolia Huitong Energy Investment Co., Ltd. and 5% stake in Inner Mongolia Huitong Energy Zhuozi Wind Power Generation Co., Ltd. from Shanghai Huitong Energy Co.,Ltd..
SHANGHAI HUITONG ENERGY CO.,LTD 
