Yongxing Special Materials Technology Co., Ltd. cancelled the acquisition of an additional 81.4% stake in Jiangxi Xuli Mining Co., Ltd. from Hunan Lixingxing Mining Technology Co., Ltd, Yichun Keyuan Enterprise Management Center (Limited Partnership), Hunan Zhongda Technology Venture Incubator Co., Ltd., Shenzhen Nanqiao Venture Capital Partnership.
November 07, 2019
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Yongxing Special Stainless Steel Co., Ltd. (SZSE:002756) agreed to acquire an additional 81.4% stake in Jiangxi Xuli Mining Co., Ltd. from Hunan Lixingxing Mining Technology Co., Ltd, Yichun Keyuan Enterprise Management Center (Limited Partnership), Hunan Zhongda Technology Venture Incubator Co., Ltd., Shenzhen Nanqiao Venture Capital Partnership for approximately CNY 200 million on November 8, 2018. The consideration will be paid in cash. Jiangxi Xuli Mining Co., Ltd reported total assets of CNY 319.1 million and net assets of CNY 185.8 million as of December 31, 2017 and revenues of CNY 34.7 million, operating loss of CNY 14.9 million and net loss of CNY 16.3 million for the year ended December 31, 2017. The transaction is approved by the Board of Yongxing Special Stainless Steel Co., Ltd and is approved by the shareholders of Jiangxi Xuli Mining Co., Ltd.
Yongxing Special Materials Technology Co., Ltd. (SZSE:002756) cancelled the acquisition of an additional 81.4% stake in Jiangxi Xuli Mining Co., Ltd. from Hunan Lixingxing Mining Technology Co., Ltd, Yichun Keyuan Enterprise Management Center (Limited Partnership), Hunan Zhongda Technology Venture Incubator Co., Ltd., Shenzhen Nanqiao Venture Capital Partnership on November 8, 2019.
Yongxing Special Materials Technology Co., Ltd., formerly Yongxing Special Stainless Steel Co., Ltd. is principally engaged in the research, development, production and sales of special metal material rod and wire for stainless steel and special alloy materials. The Company's main products include stainless steel pipe billets, duplex austenitic-ferritic stainless seamless pipe billets, heat-resistant stainless seamless steel pipe billets for boiler, stainless steel wires for steel wire, stainless steel wires for cold heading and common austenitic stainless steel wires for welding, nickel based corrosion resistant alloy, among others. The Company also produces cathode material and electrolyte material for lithium ion battery. The Companyâs stainless steel bar and wire products are mainly used in thermal power, oil exploitation and refining, transportation, machinery and equipment, aerospace, shipbuilding, defense and military fields.