Zhonghe Co., Ltd. cancelled the acquisition of Sichuan Huamin Mining Co., Ltd. from Fujian Huamin Import And Export Co.,Ltd.
May 22, 2016
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Zhonghe Co., Ltd. (SZSE:002070) agreed to acquire Sichuan Huamin Mining Co., Ltd. from Fujian Huamin Import And Export Co.,Ltd for approximately CNY 120 million on November 19, 2015. Under the terms of the transaction, Zhonghe will issues 10.4 million shares at CNY 11.53 per share to acquire Sichuan Huamin Mining. As of December 31, 2014, Sichuan Huamin had total assets of CNY 68.61 million, shareholder’s equity of CNY 2.03 million and net loss of CNY 0.14 million.
The deal is subject to second approval of Board of Directors of Zhonghe, shareholders of Zhonghe and approval of China Securities Regulatory Commission. The deal was approved by Board of Directors of Zhonghe on November 19, 2015. New Times Securities Co., Ltd. acted as financial advisor for Zhonghe Co., Ltd.
Zhonghe Co., Ltd. (SZSE:002070) cancelled the acquisition of Sichuan Huamin Mining Co., Ltd. from Fujian Huamin Import And Export Co.,Ltd on May 23, 2016.
ZHONGHE CO., LTD. is a China-based company, principally engaged in textile printing and dyeing and new energy lithium business. The Company operates its businesses through two segments. The Textile Printing and Dyeing segment is engaged in the research and development, manufacture and distribution of medium and high quality cotton leisure clothing fabrics. Its New Energy Lithium segment is engaged in the exploiting and distribution of lithium products, and the development and distribution of lithium battery materials. The Company is also engaged in trading business. The Company distributes its products within domestic market and to overseas markets.
ZHONGHE CO., LTD. 
