Zhou Jian completed the acquisition of 60.60% majority stake in Fujian Zhongzhou New Materials Technology Co., Ltd. from Zhejiang Wansheng Co., Ltd..
February 10, 2023
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Zhou Jian agreed to acquire additional 60.60% majority stake in Fujian Zhongzhou New Materials Technology Co., Ltd. from Zhejiang Wansheng Co., Ltd. (SHSE:603010) for CNY 44 million on January 19, 2023. Zhou Jian will pay the consideration in five installments. Zhou Jian shall pay CNY 10 million yuan before January 30, 2023, CNY 15 million yuan before March 20, 2023, and pay before June 30, 2023. CNY 4 million yuan, CNY 4 million yuan to before September 30, 2023, and CNY 11 million yuan to before December 31, 2023. Transaction is approved by Fujian Zhongzhou board. For the period December 31, 2022, Fujian Zhongzhou reported CNY 49.46 total assets, CNY 45.47 million as net assets, CNY 5.28 as operating income and CNY -35.55 million as net profit.
Zhou Jian completed the acquisition of 60.60% majority stake in Fujian Zhongzhou New Materials Technology Co., Ltd. from Zhejiang Wansheng Co., Ltd. (SHSE:603010) on February 11, 2023.
Zhejiang Wansheng Co.,Ltd is a China-based company principally engaged in the research, development, production and sale of organophosphorus flame retardants. The Company's main products include polyurethane flame retardants (polyurethane soft foam flame retardants and polyurethane foam) and engineering plastics flame retardants. The Company's products are mainly used in the areas of aerospace, automotive, electronics, construction and furniture. The Company distributes its products in domestic market and to overseas markets.