TCL Zhonghuan Renewable Energy Technology Co.,Ltd. (SZSE:002129) agreed to acquire an additional 13.69% stake in Inner Mongolia Zhonghuan Crystal Materials Co., Ltd. from BOCOM Financial Asset Investment Co., Ltd for CNY 1 billion on December 27, 2024. In a related transaction TCL will also acquire 10.95% equity of Zhonghuan Crystal from CCB Financial Asset Investment Co., Ltd. Upon completion of both the transactions, TCL Zhonghuan Renewable Energy Technology Co.,Ltd. will own 54.56% stake in Inner Mongolia Zhonghuan Crystal Materials Co., Ltd. The transaction will be financed through equity investment of CNY 1 billion. As of September 30, 2024, Inner Mongolia Zhonghuan Crystal Materials Co., Ltd. reported total assets of CNY 26.83 billion and total common equity of CNY 13.23 billion.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.