Shanghai Xuerong Bio-Technology Co., Ltd. agreed to acquire Shanghai Xuerong Edible Mushroom Co.,Ltd. from Shandong Xuerong Bio-Technology Co., Ltd. for CNY 30 million.
October 29, 2017
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Shanghai Xuerong Bio-Technology Co., Ltd. (SZSE:300511) agreed to acquire Shanghai Xuerong Edible Mushroom Co.,Ltd. from Shandong Xuerong Bio-Technology Co., Ltd. for CNY 30 million on October 27, 2017. The transaction also includes the cancellation of the debt of Shandong Xuerong Bio-Technology Co., Ltd as held by Shanghai Xuerong Bio-Technology Co., Ltd. After the completion of the transfer of shares, Shanghai Xuerong Edible Mushroom will become a wholly owned subsidiary of Shanghai Xuerong Bio-Technology. The transaction will be effective from the date of deliberation and approval by the Board of Directors of Shanghai Xuerong Bio-Technology. On October 27, 2017, Shanghai Xuerong Bio-Technology carried out its 2nd session of the 3rd meeting of the Board of Directors where it examined and approved the motion for the transaction.
Shanghai Xuerong Biotechnology Co.,Ltd. is a China-based modern agricultural company principally engaged in the production of factory cultivated agricultural products. The Company is mainly engaged in the research and development, factory cultivation and sale of fresh edible mushrooms. The Company's main products include enoki mushrooms, hypsizygus tessellatus (including beech mushrooms, white beech mushrooms and hypsizygus marmoreus) and shiitake, among others. The Company distributes its products in domestic market and to overseas markets.
SHANGHAI XUERONG BIOTECHNOLOGY CO.,LTD. 
