Wuxi Industry Development Group Co., Ltd. completed the acquisition of 22.85% stake in Falcon Tech Co., Ltd. from Yinbang Clad Material Co., Ltd..
December 29, 2019
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Wuxi Industry Development Group Co., Ltd. agreed to acquire 22.85% stake in Falcon Tech Co., Ltd. from Yinbang Clad Material Co., Ltd. (SZSE:300337) for approximately CNY 130 million on December 6, 2019. Post completion, Wuxi Industry Development Group will own 45.85% stake in Falcon Tech. Falcon Tech Co., Ltd reported total assets of CNY 188.03 million and net assets of CNY 117.7 million as of December 31, 2018 and reported revenues of CNY 52.2 million and net loss of CNY 6.9 million for the year ended December 31, 2018. The transaction is subject to approval by shareholders of Yinbang Clad Material and is approved by Board of Yinbang Clad Material.
Wuxi Industry Development Group Co., Ltd. completed the acquisition of 22.85% stake in Falcon Tech Co., Ltd. from Yinbang Clad Material Co., Ltd. (SZSE:300337) on December 30, 2019. Falcon Tech Co., Ltd. has already completed the relevant business registration changes, and obtained The Business License issued by the Market Supervision and Administration Bureau of Xinwu District, Wuxi City. This matter has been deliberated and approved by Yinbang Clad’s fourth extraordinary general shareholders’ meeting on December 23, 2019.
Yinbang Clad Material Co., Ltd. is a China-based company principally engaged in the research, development and production of new metal materials. The Company's main products include aluminum heat transmission materials, aluminum steel composite materials, polymetal composite materials and aluminum alloy composite protective materials. The Company's products are mainly used in automobile, construction machinery, power, household appliance and electronics industries. The Company distributes its products in domestic market and to overseas markets.