Zhukou Group Co., Ltd. completed the acquisition of the remaining 84.41% stake in Rongcheng Hongjiu Forging & Casting Co., Ltd. from Weihai Huadong Automation Co., Ltd.
August 27, 2020
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Zhukou Group Co., Ltd. signed an Equity Transfer Agreement to acquire the remaining 84.41% stake in Rongcheng Hongjiu Forging & Casting Co., Ltd. from Weihai Huadong Automation Co., Ltd (SZSE:002248) for CNY 1 on August 10, 2020. Post completion, Zhukou Group will own 100% stake in Rongcheng Hongjiu Forging & Casting. For year ended December 31, 2019, Rongcheng Hongjiu Forging & Casting had total assets worth CNY 105 million, net assets worth CNY -104 million, revenues of CNY 2.5 million, operating loss of CNY 25 million and net loss of CNY 25 million. The transaction is subject to approval from Weihai Huadong Automation's shareholders. The transaction was approved by the board of Weihai Huadong Automation on August 10, 2020.
Zhukou Group Co., Ltd. completed the acquisition of the remaining 84.41% stake in Rongcheng Hongjiu Forging & Casting Co., Ltd. from Weihai Huadong Automation Co., Ltd (SZSE:002248) on August 28, 2020.
Weihai Huadong Automation Co., Ltd is a China-based company principally engaged in the research, development, manufacture and operation of numerical controlled machine tools, ordinary machine tools and related key functional components. The Companyâs main products include control gantry machine tools, floor type borer, milling machines, grinder series, turning lathe series, functional components, ordinary machine tools, castings and others. The Company also provides photovoltaic inverters. The Company distributes its products within domestic and to overseas markets.
Zhukou Group Co., Ltd. completed the acquisition of the remaining 84.41% stake in Rongcheng Hongjiu Forging & Casting Co., Ltd. from Weihai Huadong Automation Co., Ltd.
WEIHAI HUADONG AUTOMATION CO., LTD 
