Teng Zhan cancelled the acquisition of 26.5% stake in Jinyingma Media Co., Ltd. from Suzhou Hesheng Special Material Co.,Ltd..
November 02, 2017
Share
Teng Zhan agreed to acquire 26.5% stake in Jinyingma Media Co., Ltd. from Suzhou Hesheng Special Material Co.,Ltd. (SZSE:002290) for approximately CNY 220 million on May 14, 2015. An equity transfer agreement was signed on June 3, 2015. Of the total consideration approximately CNY 110 million shall be paid before May 1, 2017 and the remaining 50% consideration plus interest shall be paid before May 1, 2018. As of May 3, 2017, Suzhou Hesheng Special Material has not yet received any payment from Teng Zhan. The transaction is approved by Board of Directors of Suzhou Hesheng Special Material on May 14, 2015 and June 3, 2015. The transaction is approved by shareholders of Suzhou Hesheng Special Material on June 23, 2015.
Teng Zhan cancelled the acquisition of 26.5% stake in Jinyingma Media Co., Ltd. from Suzhou Hesheng Special Material Co.,Ltd. (SZSE:002290) on November 3, 2017.
Suzhou Hesheng Special Material Co Ltd, formerly Suzhou China Create Special Material Co Ltd, is a China-based company principally engaged in the research, development, manufacture and sale of composite materials for surface components of home appliances. The Companyâs products portfolio consists of pre-coated metal (PCM) sheets, which are used as skin plate materials and side and back plate materials for home appliances, including refrigerators and washing machines, and vinyl coated metal (VCM) sheets, which are used as skin plate materials for home appliances, including refrigerators, washing machines and electrical heating machines. Through its subsidiaries, the Company is also engaged in the research, development, manufacture and sale of coating composite materials. The Company distributes its products within domestic market and to overseas markets.
SUZHOU HESHENG SPECIAL MATERIAL CO., LTD. 
