Youngy Investment Holding Group Co.,Ltd agreed to acquire 33.33% stake in Kangding Tianjie Building Material Co., Ltd from YOUNGY Co.,Ltd. for CNY 1.
December 11, 2020
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Youngy Investment Holding Group Co.,Ltd agreed to acquire 33.33% stake in Kangding Tianjie Building Material Co., Ltd from YOUNGY Co.,Ltd. (SZSE:002192) for CNY 1 on December 11, 2021. In a related transaction Kangding Tianjie Building Material Co., Ltd entered into a capital increase agreement to increase the capital by CNY 10 million in cash. Post this transaction, YOUNGY Co.,Ltd. shareholding in Kangding Tianjie Building Material Co., Ltd will be reduced to 50%. As on September 30, 2020, Kangding Tianjie Building Material Co., Ltd reported total assets of CNY 20.4 million, net assets of CNY 15.6 million, Revenues, EBIT and net profit of CNY 0 respectively. YOUNGY Co.,Ltd. held the 12th meeting of the seventh board of directors on December 11, 2020 and approved the transaction. As on December 30, 2020, YOUNGY Co.,Ltd. held the 13th board of directors meeting and approved the transaction. As of May 31, 2021, Recently, Tianjie Building already completed the registration modification procedures and obtained the business license.
YOUNGY Co., Ltd., formerly LUXIANG CO., LTD., is a China-based company, principally engaged in lithium business and intelligent e-book bag business. The Company is mainly engaged in the distribution and sales of heavy traffic paving asphalt, as well as the sales of power battery equipment, consumer battery equipment and electronic ink screens. The Company is also engaged in the sales of street lights and streetlight cables. The Company distributes its products within domestic markets.