Yongxing Special Stainless Steel Co., Ltd. agreed to acquire an additional 11.5% stake in H-zone Lithium Technology Co., Ltd. from Chen Hongmei, Shenzhen Zhixiang Venture Capital Investment Management Co., Ltd. and Shenzhen Zhixiang Parker Power Investment Enterprises (Limited Partnership) for approximately CNY 110 million.
September 14, 2017
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Yongxing Special Stainless Steel Co., Ltd. (SZSE:002756) agreed to acquire an additional 11.5% stake in H-zone Lithium Technology Co., Ltd. from Chen Hongmei, Shenzhen Zhixiang Venture Capital Investment Management Co., Ltd. and Shenzhen Zhixiang Parker Power Investment Enterprises (Limited Partnership) for approximately CNY 110 million on September 13, 2017. As consideration, Yongxing Special Stainless Steel will pay CNY 27.5 million to Chen Hongmei for 3.% stake, CNY 38.7 million to Shenzhen Zhixiang Venture Capital Investment Management for 4.2% stake and CNY 38.7 million to Shenzhen Zhixiang Parker Power Investment Enterprises (Limited Partnership) for 4.2% stake in H-zone Lithium Technology. After the completion, Yongxing Special Stainless Steel will hold a 25.8% stake in H-zone Lithium Technology. H-zone Lithium Technology reported total assets of CNY 360 million and net assets of CNY 149.7 million as of December 31, 2016 and revenues of CNY 216.4 million and net loss of CNY 8.1 million for the year ended December 31, 2016.
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.
Yongxing Special Stainless Steel Co., Ltd. agreed to acquire an additional 11.5% stake in H-zone Lithium Technology Co., Ltd. from Chen Hongmei, Shenzhen Zhixiang Venture Capital Investment Management Co., Ltd. and Shenzhen Zhixiang Parker Power Investment Enterprises (Limited Partnership) for approximately CNY 110 million.
YONGXING SPECIAL MATERIALS TECHNOLOGY CO.,LTD 
