Shanghai Luxin Packing Materials Science & Technology Co., Ltd. entered into memo to acquire Shenzhen Jinsheng Color Packaging Material Co., Ltd. from Xinjiang Jiaxiangyuan Equity Investment Limited Partnership for approximately CNY 230 million.
October 29, 2013 at 12:00 am EDT
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Shanghai Luxin Packing Materials Science & Technology Co., Ltd. (SZSE:002565) entered into memo to acquire Shenzhen Jinsheng Color Packaging Material Co., Ltd. from Xinjiang Jiaxiangyuan Equity Investment Limited Partnership for approximately CNY 230 million on October 27, 2013. During the completion of the transaction delivery, Shanghai Luxin will pay CNY 205 million. Within 1 month after 3 years of the completion of the delivery, Shanghai Luxin will pay the remaining balance. Shanghai Luxin will finance the acquisition using the remaining balance from its raised proceeds and bank loan. Shenzhen Jinsheng Color Packaging reported total assets of CNY 133.14 million, owner's equity of CNY 59.91 million, revenue of CNY 264.67 million, operating profit of CNY 40.53 million and net profit of CNY 30.44 million for period ending December 31, 2012.
As on January 10, 2014, transaction was approved by Board of Directors of Shanghai Luxin Packing Materials. As on January 28, 2014, transaction was approved by shareholders of Shanghai Luxin Packing Materials. Shanghai Luxin Packing Materials Science & Technology Co., Ltd. (SZSE:002565) entered into an agreement to acquire Shenzhen Jinsheng Color Packaging Material Co., Ltd. from Xinjiang Jiaxiangyuan Equity Investment Limited Partnership on January 30, 2014.
Shanghai Shunho New Materials Technology Co.,Ltd., formerly Shanghai Luxin Packing Materials Science & Technology Co., Ltd., is a China-based company principally engaged in the research, development, manufacture, processing and distribution of packaging products. The Company's main products include vacuum metalized papers, polypropylene fibers for cigarettes, as well as white cardboards and laminated papers. The Company is also involved in the provision of printing materials, hologram papers as well as optical anti-counterfeiting films, among others. The Company's products are applied in the packing of tobaccos, food, beverages, sports goods, liquors and others. In addition, the Company also engages in the research, manufacture and distribution of natural biological fertilizer and organic feed, as well as the development of network technology, among others. The Company distributes its products within domestic market and to overseas markets.
Shanghai Luxin Packing Materials Science & Technology Co., Ltd. entered into memo to acquire Shenzhen Jinsheng Color Packaging Material Co., Ltd. from Xinjiang Jiaxiangyuan Equity Investment Limited Partnership for approximately CNY 230 million.
SHANGHAI SHUNHO NEW MATERIALS TECHNOLOGY CO.,LTD. 
