Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. and Fang Hebing cancelled the acquisition of 8.48% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Bai Zhiyong, Zhang Yuanfan and He Rong.
November 26, 2018
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Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. (SZSE:002820) and Fang Hebing singed a share transfer agreement to acquire a 8.48% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Bai Zhiyong, Zhang Yuanfan and He Rong for CNY 17 million recently. Under the terms, Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. will acquire 0.22 million shares from Bai Zhiyong for CNY 3.4 million, 0.35 million shares from Zhang Yuanfan for CNY 5.5 million, and 0.29 million shares from He Rong for CNY 4.6 million. At the same time, Fang Hebing will acquire 0.22 million shares from He Rong for CNY 3.5 million. In related transactions, Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. signed the share transfer agreement to acquire a 7.8% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Tianhong Innovation Asset Management Co., Ltd. for CNY 17.7 million and a 7.8% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Shanghai Anyou Investment Co., Ltd. for CNY 16.5 million. Post completion of the transaction, Fang Hebing will hold 5.51 million shares (43.13% stake), Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. will hold 2.86 million shares (22.42% stake) and Bai Zhiyong, Zhang Yuanfan and He Rong will continue to hold 0.28 million shares (2.20% stake), 0.45 million shares (3.53% stake) and 0.66 million shares (5.18% stake) in Hangzhou Quentin Science and Technology Co.,Ltd, respectively.
The transaction was approved by the Board of Directors of Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. in the 16th meeting of 2nd directorate held on November 27, 2017 and does not need the shareholders' approval.
Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. (SZSE:002820) and Fang Hebing cancelled the acquisition of 8.48% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Bai Zhiyong, Zhang Yuanfan and He Rong on November 27, 2018.
Tianjin Guifaxiang 18th Street Mahua Food Co Ltd is a China-based company principally engaged in the research and development, production and distribution of Chinese traditional food and other snack food. The Companyâs products mainly include fried dough twist, pastry, moon cake, traditional sweet dumpling, rice dumpling, chestnut, as well as nuts, among others. The Company mainly distributes its products within domestic market, with Tianjin as its major market.
Tianjin Guifaxiang 18th Street Mahua Food Co., Ltd. and Fang Hebing cancelled the acquisition of 8.48% stake in Hangzhou Quentin Science and Technology Co.,Ltd from Bai Zhiyong, Zhang Yuanfan and He Rong.