Zhejiang Xinan Chemical Industrial Group Co.,Ltd agreed to acquire unknown minority stake in Hefei Xingyu Chemical Co., Ltd.
January 11, 2021
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Zhejiang Xinan Chemical Industrial Group Co.,Ltd (SHSE:600596) agreed to acquire unknown minority stake in Hefei Xingyu Chemical Co., Ltd. on January 11, 2021. As per the agreement signed recently, Zhejiang Xinan Chemical Industrial Group Co.,Ltd will acquire 13.8 million shares of Hefei Xingyu held by 22 shareholders including Qin Zhaohai and Zhang Xiqiuse for CNY 82.65 million at a price of CNY 6 per share, at the same time, the Zhejiang Xinan Chemical Industrial Group Co.,Ltd will make an unilateral contribution at a price of CNY 6 per share for a total of CNY 96 million to acquire 16 million additional shares of Hefei Xingyu via a capital increase operation. As per terms of transaction, Zhejiang Xinan Chemical Industrial Group Co.,Ltd will acquire total of 51% stake for CNY 210 million by the way of capita increase and equity transfer. Post completion, Zhejiang Xinan Chemical Industrial Group Co.,Ltd will hold 29.77 million shares of Hefei Xingyu, accounting for 53.17% of total share capital. Transaction is unanimously approved by the Board of Zhejiang Xinan Chemical Industrial Group Co.,Ltd. As of September 30, 2020, Hefei Xingyu Chemical Co., Ltd. reported total assets of CNY 321.6 million and net assets of CNY 145.1 million.
Zhejiang XinAn Chemical Industrial Group Co Ltd is a China-based company mainly engaged in the manufacturing of chemical raw materials and chemical products. The Company operates its businesses through six segments. The Agrichemical Self-produced Products segment is principally engaged in the manufacture and sale of agrochemical self-produced products. The Agrichemical Trading Products segment is principally engaged in the manufacture and sale of agrochemical trading products. The Silicon-based Material Basic Products segment is principally engaged in the manufacture and sale of silicon-based material basic products. The Silicon-based Terminals and Specialty Silane Products segment is principally engaged in the manufacture and sale of silicon-based terminals and specialty silane products. The New Chemical Materials segment is principally engaged in the manufacture and sale of new chemical materials. The Company is also engaged in other segments.
ZHEJIANG XINAN CHEMICAL INDUSTRIAL GROUP CO.,LTD 
