Zhejiang Linuo Flow Control Technology Co.,Ltd completed the acquisition of Wuzhou Valve Co., Ltd from Huang Qingxiong and Beijing Yuhe Juye Investment Management Center (Limited Partnership) for CNY 62.5 million.
August 23, 2022
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Zhejiang Linuo Flow Control Technology Co.,Ltd (SZSE:300838) signed an agreement to acquire 26% stake in Wuzhou Valve Co., Ltd from Huang Qingxiong and Beijing Yuhe Juye Investment Management Center (Limited Partnership) for CNY 65.7 million on August 25, 2021. Under the terms, Zhejiang Linuo Flow Control will acquire 31 million shares representing 14.78% stake from Huang Qingxiong and 23.5 million shares representing 11.19% stake from Beijing Yuhe Juye Investment. Zhejiang Linuo Flow Control will pay 50% transaction price within 5 days of agreement and remaining 50% price within 5 days after completion of transaction. The Balance sheet items of Wuzhou Valve as on June 30, 2021 are total assets of CNY 252.87 million and net assets of CNY -13.39 million. The financials of Wuzhou Valve for December 31, 2020 are total assets of CNY 274.39 million , net assets of CNY -13.84 million, revenue of CNY 172.87 million, operating loss of CNY 23.46 million and net loss of CNY 28.97 million. The transaction is approved by the Board of Directors of Zhejiang Linuo Flow Control Technology and does not need shareholder approval.
Zhejiang Linuo Flow Control Technology Co.,Ltd (SZSE:300838) completed the acquisition of Wuzhou Valve Co., Ltd from Huang Qingxiong and Beijing Yuhe Juye Investment Management Center (Limited Partnership) for CNY 62.5 million on August 24, 2022.
Zhejiang Lenuo Flow Control Technology Co Ltd is a China-based company mainly engaged in the research, development, production and sales of industrial control valves. The Company's products include control valves, such as regulating and switching valves, process valves and accessories. Its products are used in petroleum, petrochemical, chemical, paper, environmental protection, energy, power, mining, metallurgy, medicine, food and other industries. The Company mainly conducts its businesses within the domestic market.
Zhejiang Linuo Flow Control Technology Co.,Ltd completed the acquisition of Wuzhou Valve Co., Ltd from Huang Qingxiong and Beijing Yuhe Juye Investment Management Center (Limited Partnership) for CNY 62.5 million.