Zhejiang Three Stars New Materials Co., Ltd. sign a share transfer agreement to acquire additional 20% stake in Qingdao Weisheng Electronic Plastic Co., Ltd. from Deqing Chende Industrial Co., Ltd. for CNY 11.9 million.
May 07, 2021
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Zhejiang Three Stars New Materials Co., Ltd. (SHSE:603578) sign a share transfer agreement to acquire additional 20% stake in Qingdao Weisheng Electronic Plastic Co., Ltd. from Deqing Chende Industrial Co., Ltd. for CNY 11.9 million on May 7, 2021. After the acquisition, the company’s stake in Qingdao Weisheng will increase from 40% to 60%. On May 24, 2021, Zhejiang Three Stars New Materials's board approved the transaction in Special shareholding Meting. Qingdao Weisheng Electronic Plastic reported Total assets of CNY 99.4 million and total equity of CNY 26.8 million till February 28, 2021. Qingdao Weisheng Electronic Plastic reported total assets of CNY 96.2 million, net assets of CNY 27 million, revenue of CNY 148.4 million and net loss of CNY 8.9 million for the year ending December 31, 2020.
Zhejiang Three Stars New Materials Co., Ltd. is principally engaged in design, research and development, manufacture and sales of glass doors of low temperature storage equipment and deep processing glass products. The Company's main products include hollow glass doors, single-layer glass doors, tempered glass, coated glass and display glass, among others. The Company distributes its products within the domestic market and to overseas market.
Zhejiang Three Stars New Materials Co., Ltd. sign a share transfer agreement to acquire additional 20% stake in Qingdao Weisheng Electronic Plastic Co., Ltd. from Deqing Chende Industrial Co., Ltd. for CNY 11.9 million.
ZHEJIANG THREE STARS NEW MATERIALS CO., LTD. 
