Beijing Easpring Material Technology CO.,LTD. completed the acquisition of remaining 31.25% stake in Easpring Technology New Materials Co., Ltd. from BGRIMM Technology Group Co., Ltd.
December 28, 2020
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Beijing Easpring Material Technology CO.,LTD. (SZSE:300073) entered into a letter of intent to acquire remaining 31.25% stake in Easpring Technology (Changzhou) New Materials Co., Ltd. from BGRIMM Technology Group Co., Ltd. for approximately CNY 640 million on August 27, 2020. Beijing Easpring Material Technology CO.,LTD. agreed to acquire remaining 31.25% stake in Easpring Technology (Changzhou) New Materials Co., Ltd. from BGRIMM Technology Group Co., Ltd. on September 9, 2020. The acquisition will be done in exchange of new shares of Beijing Easpring, issued at CNY 24.3 per share. Post completion Beijing Easpring Material Technology will own 100% stake in Easpring Technology (Changzhou) New Materials Co., Ltd.
For the year ended December 31, 2019, Total assets of CNY 796.06 million, net assets of CNY453 million, operating loss of CNY 4.18 million, Net loss of CNY 3.23 million. The transaction is subject to the filing of the Target Assets’ Assessment Reports, the second approval of the company’s directorate after the Easpring Technology (Changzhou) New Materials Co., Ltd audit and assessment work are completed, BGRIMM Technology Group Co., Ltd.’s Official Approval, The Beijing Easpring Material Technology CO.,LTD Shareholders’ Approval, The Shenzhen Stock Exchange and CSRC’s Approvals and Other Necessary Approvals. The transaction was approved by the Beijing Easpring Material Technology Co., Ltd board. On December 2, 2020, Shenzhen Stock Exchange approved the transaction. On December 25, 2020 CSRC approved the transaction.
Fei Junqi, Shi Jiwei, Li Libo, Zhou Ning, Zhang Zihang, Zeng Cheng and Liu Naisheng of China Securities Co., Ltd. acted as financial advisors, Wang Ling, Sun Ji and liu Ning of Beijing King & Wood Mallesons acted as legal advisors and Liang Chun, Lu Zhi and Tan Jianmin of Moore Stephens Da Hua acted as accountants for Beijing Easpring Material.
Beijing Easpring Material Technology CO.,LTD. (SZSE:300073) completed the acquisition of remaining 31.25% stake in Easpring Technology (Changzhou) New Materials Co., Ltd. from BGRIMM Technology Group Co., Ltd. on December 28, 2020.
Beijing Easpring Material Technology CO LTD is a China-based company principally engaged in the research and development, manufacture and sales of lithium-ion battery materials. The Company is mainly engaged in two businesses. The lithium battery material business mainly includes the technical research, production and sales of multi-materials, cathode materials such as lithium cobalt oxide, and multi-precursor materials, which are used in the field of automotive power batteries, energy storage batteries, digital consumer electronics, power tools, two electric wheels and other small power lithium battery fields. The intelligent equipment business mainly includes the research and development and production of circular die-cutting equipment, which are used in consumer electronics, medical care, hygiene, food packaging and lithium battery materials. The Company conducts its businesses in domestic market and overseas markets.
Beijing Easpring Material Technology CO.,LTD. completed the acquisition of remaining 31.25% stake in Easpring Technology New Materials Co., Ltd. from BGRIMM Technology Group Co., Ltd.
BEIJING EASPRING MATERIAL TECHNOLOGY CO.,LTD. 
