Shanghai Tianyang Hot Melt Adhesives Co., Ltd. signed the investment framework agreement to acquire 65% stake in Yantai Tightsen Fine Chemicals Technology Co., Ltd from Lin Zhixiu, Lin Shaosheng, Yu Jianzhang, Beijing Heli Technology Co., Ltd., Lin Ying and Sun Ke for CNY 56.9 million.
June 14, 2020
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Shanghai Tianyang Hot Melt Adhesives Co., Ltd. (SHSE:603330) signed the investment framework agreement to acquire 65% stake in Yantai Tightsen Fine Chemicals Technology Co., Ltd from Lin Zhixiu, Lin Shaosheng, Yu Jianzhang, Beijing Heli Technology Co., Ltd., Lin Ying and Sun Ke for CNY 56.9 million on June 15, 2020. Shanghai Tianyang Hot Melt Adhesives Co., Ltd. signed share transfer agreement to acquire 65% stake in Yantai Tightsen Fine Chemicals Technology Co., Ltd from Lin Zhixiu, Lin Shaosheng, Yu Jianzhang, Beijing Heli Technology Co., Ltd., Lin Ying and Sun Ke on July 21, 2020. Under the terms, Shanghai Tianyang Hot Melt Adhesives will acquire 7.8 million shares. Shanghai Tianyang Hot Melt Adhesives will acquire 22% from Lin Zhixiu, 17% from Lin Shaosheng, 10% from Yu Jianzhang, 10% from Beijing Heli Technology Co., Ltd., 5% from Lin Ying and 1% from Sun Ke. Shanghai Tianyang Hot Melt Adhesives will use its own funds or self-raised funds in funding of transaction. In 2019, Yantai Tightsen generated revenue of CNY 29.8 million and net profit CNY 7.6 million. As of December 31, 2019, Yantai Tightsen had total assets of CNY 24.8 million and net assets of CNY 18.1 million. As of June 15, Board of Directors of Shanghai Tianyang Hot Melt Adhesives approved the transaction.
Tianyang New Materials Shanghai Technology Co Ltd, formerly Shanghai Tian Yang Hotmelt Adhesives Co Ltd, is a China-based company principally engaged in research and development, manufacture and sales of thermoplastic environmental protection adhesive materials. The Company's main products include hot melt adhesive powders and granules, fusible films, ethylene-vinyl acetate copolymer (EVA) films used for solar cell packaging and hot melt adhesive films. Its products are mainly applied in the fields of shoes and clothes, automotive trims, solar cell packaging, household textiles, electronics, industrial filtration, hot melt adhesive products, printing and packaging, furnishings and coating, among others.
Shanghai Tianyang Hot Melt Adhesives Co., Ltd. signed the investment framework agreement to acquire 65% stake in Yantai Tightsen Fine Chemicals Technology Co., Ltd from Lin Zhixiu, Lin Shaosheng, Yu Jianzhang, Beijing Heli Technology Co., Ltd., Lin Ying and Sun Ke for CNY 56.9 million.