Suzhou Lvmai Electric Holdings Co., Ltd. signed an agreement to acquire 10% stake in Suzhou Industrial Park Heshun Electric Co., Ltd. from Yao Jianhua for approximately CNY 240 million.
December 10, 2020
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Suzhou Lvmai Electric Holdings (Group) Co., Ltd. signed an agreement to acquire 10% stake in Suzhou Industrial Park Heshun Electric Co., Ltd. (SZSE:300141) from Yao Jianhua for approximately CNY 240 million on December 10, 2020. Suzhou Lvmai Electric Holdings will purchase 25.4 million shares in Suzhou Industrial Park Heshun Electric Co., Ltd. at CNY 9.32 per share. Within two (2) working days after the Suzhou Industrial Park Heshun fulfills the information disclosure obligation of this share transfer in accordance with the law, the two parties shall cooperate with each other to issue a loan instruction to the regulatory bank of the escrow account to release the CNY 60 million, on the date when the transferor has provided the transferee with (i) the Shenzhen Stock Exchange has issued a confirmation opinion on the compliance review of this share transfer in accordance with relevant regulations, and (ii) the transferor’s tax payment certificate for this share transfer Within two (2) working days, the two parties shall cooperate with each other to issue a loan instruction to the supervising bank of the escrow account to release the CNY 100 million in the escrow account and Within two (2) working days from the transfer registration date, both parties shall cooperate with each other to issue a loan instruction to the supervising bank of the escrow account to release all remaining funds in the escrow account to the designated account of Yao Jianhua.
Suzhou Industrial Park Heshun Electric Co., Ltd. is a China-based company principally engaged in the research, development, manufacture and sales of power transmission and distribution equipment and control equipment. The Company's main products include complete sets of electrical equipment, charging devices, anti electric larceny power metering devices and power quality improvement devices. The Company is also involved in the intelligent power distribution and photovoltaic engineering procurement construction (EPC) general contracting businesses, as well as the provision of integrated power application solutions. The Company operates its business mainly in domestic market, with East China as its main market.
Suzhou Lvmai Electric Holdings Co., Ltd. signed an agreement to acquire 10% stake in Suzhou Industrial Park Heshun Electric Co., Ltd. from Yao Jianhua for approximately CNY 240 million.