Hangzhou Boiler Group Co., Ltd. and Hangzhou Hangguo Industrial Boiler Co., Ltd.'s management members Qu Yunfu, Xiong Changshu and Wei Jianming cancelled the acquisition of 20.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. from Ye Guohua.
December 05, 2017
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Hangzhou Boiler Group Co., Ltd. (SZSE:002534) and Hangzhou Hangguo Industrial Boiler Co., Ltd.'s management members Qu Yunfu, Xiong Changshu and Wei Jianming agreed to acquire 20.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. from Ye Guohua on December 6, 2016. Hangzhou Boiler Group Co., Ltd. will acquire an additional 16% stake from Ye Guohua for CNY 65 million and management members Qu Yunfu, Xiong Changshu and Wei Jianming will acquire 4.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. from Ye Guohua. After the close of the transaction, Hangzhou Boiler Group Co., Ltd. will hold 67% and Ye Guohua will hold 14.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. Hangzhou Boiler Group Co., Ltd. will use self-owned funds to fund the acquisition. As of December 31, 2015, Hangzhou Hangguo Industrial Boiler Co., Ltd. reported total assets of CNY 956.88 million, net assets of CNY 476.86 million, operating revenue of CNY 477.87 million and net profit of CNY 93.7 million. The transaction does not need approval from the shareholders’ of Hangzhou Boiler Group Co., Ltd.
Hangzhou Boiler Group Co., Ltd. (SZSE:002534) and Hangzhou Hangguo Industrial Boiler Co., Ltd.'s management members Qu Yunfu, Xiong Changshu and Wei Jianming cancelled the acquisition of 20.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. from Ye Guohua on December 6, 2017.
Xizi Clean Energy Equipment Manufacturing Co Ltd, formerly Hangzhou Boiler Group Co Ltd, is a China-based company mainly engaged in consulting, research and development, production, sales, installation and general contracting of waste heat boilers, clean and environmentally friendly energy power generation equipment and other products. The Company provides customers with energy-saving and environmental protection equipment and overall solutions for energy utilization. The Company's main products include industrial boilers, waste heat boilers, power station boilers, components and power station auxiliary equipment. The Company is also involved in trading service business. The Company distributes its products in the domestic market and to overseas markets.
Hangzhou Boiler Group Co., Ltd. and Hangzhou Hangguo Industrial Boiler Co., Ltd.'s management members Qu Yunfu, Xiong Changshu and Wei Jianming cancelled the acquisition of 20.5% stake in Hangzhou Hangguo Industrial Boiler Co., Ltd. from Ye Guohua.
XIZI CLEAN ENERGY EQUIPMENT MANUFACTURING CO., LTD. 
