ShenZhen Clou Electronics Co., Ltd. cancelled the acquisition of 65.57% stake in Ganzhou Tengyuan Cobalt New Material Co., Ltd. from Luo Jie, Xie Fubiao and Wu Yanghong.
May 30, 2018
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ShenZhen Clou Electronics Co., Ltd. (SZSE:002121) signed a letter of intent agreement to acquire 65.57% stake in Ganzhou Tengyuan Cobalt New Material Co., Ltd. from Luo Jie, Xie Fubiao and Wu Yanghong on April 10, 2018. The final transaction price will be confirmed based on the asset assessment report. The consideration will be paid by way of cash payment and share issuance. Post transfer, ShenZhen Clou Electronics Co., Ltd. will become the controlling shareholder of Ganzhou Tengyuan Cobalt New Material Co., Ltd.
ShenZhen Clou Electronics Co., Ltd. (SZSE:002121) cancelled the acquisition of 65.57% stake in Ganzhou Tengyuan Cobalt New Material Co., Ltd. from Luo Jie, Xie Fubiao and Wu Yanghong on May 31, 2018. The transaction got terminated as ShenZhen Clou Electronics Co., Ltd., Luo Jie, Xie Fubiao and Wu Yanghong failed to reach the agreement.
Ganzhou Tengyuan Cobalt New Material Co Ltd is a China-based company mainly engaged in the production of metal products. The Company's main businesses are the research and development, production and sales of cobalt and copper products. The Company's main products include cobalt chloride, cobalt sulfate, cobalt tetroxide and copper electrodeposited. Its products are mainly used in lithium battery cathode materials, new energy vehicles, electronic products, alloys, magnetic materials, electrical and electronic, machinery manufacturing, national defense, building materials and other fields. The Company mainly conducts its businesses in the domestic market.
ShenZhen Clou Electronics Co., Ltd. cancelled the acquisition of 65.57% stake in Ganzhou Tengyuan Cobalt New Material Co., Ltd. from Luo Jie, Xie Fubiao and Wu Yanghong.
GANZHOU TENGYUAN COBALT NEW MATERIAL CO., LTD. 
