Yantai Zhenghai Electronic Mask Co., Ltd. completed the acquisition of 6.2% stake in Yantai Zhenghai Magnetic Material Co., Ltd. from Zhenghai Group Co., Ltd.
October 18, 2020
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Yantai Zhenghai Electronic Mask Co., Ltd. signed an agreement to acquire 6.2% stake in Yantai Zhenghai Magnetic Material Co., Ltd. (SZSE:300224) from Zhenghai Group Co., Ltd. for approximately CNY 480 million on August 26, 2020. Under the transaction, Yantai Zhenghai will purchase 50 million of Yantai Zhenghai Magnetic Material for price of CNY 9.56 per share. Within 12 months after the completion of the share delivery, both parties to the agreement shall pay the transfer money to the Zhenghai Group.
Yantai Zhenghai Electronic Mask Co., Ltd. completed the acquisition of 6.2% stake in Yantai Zhenghai Magnetic Material Co., Ltd. (SZSE:300224) from Zhenghai Group Co., Ltd. on October 19, 2020. Post completion, Zhenghai Group Co., Ltd. will hold 46.1% stake in Yantai Zhenghai Magnetic Material Co., Ltd.
Yantai Zhenghai Magnetic Material Co., Ltd. is a China-based company principally involved in the manufacture of high-performance neodymium-ferrite-boron permanent magnet materials and research, development of new energy vehicle motor derive systems. The Company operates through two main segments. The Neodymium-ferrite-boron Permanent Magnet Materials segment is primarily engaged in the research, development, manufacture, distribution and services of neodymium-ferrite-boron permanent magnet materials, and its products include finished products, machine processed products and blanks. The New Energy Automobile Motor Drive Systems segment is engaged in the research, development, production and distribution of new energy automobile drive motors and its electronic control systems. The Company distributes its products within domestic market and to overseas markets.
Yantai Zhenghai Electronic Mask Co., Ltd. completed the acquisition of 6.2% stake in Yantai Zhenghai Magnetic Material Co., Ltd. from Zhenghai Group Co., Ltd.
YANTAI ZHENGHAI MAGNETIC MATERIAL CO., LTD. 
