Yongxing Special Stainless Steel Co., Ltd. signed an equity transfer agreement to acquire additional 9% stake in Huzhou Economic Development Zone Yongxin Microfinance Co., Ltd. from Huzhou Axiang Import and Export Trade Co., Ltd. for CNY 19.6 million.
August 15, 2016
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Yongxing Special Stainless Steel Co., Ltd. (SZSE:002756) signed an equity transfer agreement to acquire additional 9% stake in Huzhou Economic Development Zone Yongxin Microfinance Co., Ltd. from Huzhou Axiang Import and Export Trade Co., Ltd. for CNY 19.6 million on August 4, 2016. Following the acquisition, Yongxing Special Stainless Steel Co., Ltd. will hold 26.67% stake in Huzhou Economic Development Zone Yongxin Microfinance Co., Ltd. For the year ended December 31, 2015, Huzhou Economic Development Zone Yongxin Microfinance Co., Ltd. reported to have total assets of CNY 271.6 million, net assets of CNY 215.64 million, revenues of CNY 33.09 million and net profit of CNY 4.81 million. The transaction needs to be approved by the Board of Yongxing Special Stainless Steel Co. As on August 14, 2016, the transaction has been approved by the Board of Yongxing Special Stainless Steel Co.
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. signed an equity transfer agreement to acquire additional 9% stake in Huzhou Economic Development Zone Yongxin Microfinance Co., Ltd. from Huzhou Axiang Import and Export Trade Co., Ltd. for CNY 19.6 million.
YONGXING SPECIAL MATERIALS TECHNOLOGY CO.,LTD 
