Shanghai Rongze New Material Technology Co., Ltd. agreed to acquire 60% stake in Jiangsu Jieli Adhesive Material Technology Co., Ltd. from Shenzhen Cotran New Material Co.,Ltd. for CNY 8 million.
May 30, 2019
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Shanghai Rongze New Material Technology Co., Ltd. and Sui Zhendong agreed to acquire 80% stake in Jiangsu Jieli Adhesive Material Technology Co., Ltd. from Shenzhen Cotran New Material Co.,Ltd. (SZSE:300731) and Huang Jiangang for CNY 8 million on May 30, 2019. Shanghai Rongze New Material Technology Co., Ltd. will acquire 60% stake from Shenzhen Cotran New Material Co.,Ltd. for CNY 6 million and Sui Zhendong will acquire 20% stake from Huang Jiangang for CNY 2 million. Post completion, Shanghai Rongze New Material Technology Co., Ltd.will hold 60% stake, Sui Zhendong will hold 20% stake, Huang Jiangang will hold 20% and Shenzhen Cotran New Material Co.,Ltd. will hold no stake in Jiangsu Jieli Adhesive Material Technology Co., Ltd.
For the year ended December 31, 2018, Jiangsu Jieli Adhesive Material Technology Co., Ltd. has total assets of CNY 21.2 million, shareholders equity of CNY 3.1 million, revenue of CNY 41 million, total loss of CNY 4.5 million and net loss of CNY 4.5 million. This transaction was approved by the 10th session of Shenzhen Cotran New Material Co.,Ltd. 2nd directorate.
Shenzhen Cotran New Material Co Ltd is a company engaged in research, development, production and sales of polymer materials. The Company provides plastic metallized devices, radiators, waterproof tapes and waterproof insulating tapes for communications industry. It provides fireproof tapes, high voltage insulation tapes, metal shielding tapes and other products for power industry. The Company's other products include door and window seals used in automobile manufacturing and rail transit industries and anti-corrosion microfiber armor used in marine engineering facilities. The Company sells its products to both domestic and international markets, including Europe and South America.
Shanghai Rongze New Material Technology Co., Ltd. agreed to acquire 60% stake in Jiangsu Jieli Adhesive Material Technology Co., Ltd. from Shenzhen Cotran New Material Co.,Ltd. for CNY 8 million.
SHENZHEN COTRAN NEW MATERIAL CO.,LTD. 
