Xingtao Zhou and Yaqin Fu entered into a stock purchase agreement to acquire 93.3% stake in Zhongchai Machinery, Inc. from Custodian Ventures LLC for $0.38 million.
December 17, 2018
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Xingtao Zhou and Yaqin Fu entered into a stock purchase agreement to acquire 93.3% stake in Zhongchai Machinery, Inc. from Custodian Ventures LLC for $0.38 million on December 16, 2018. The purchase price will be transferred to the Law Firm’s escrow account. As a part of the transaction, Xingtao Zhou and Yaqin Fu will acquire 3.096 million common shares and 10 million shares of preferred stock. Post-acquisition, Xingtao Zhou will hold 73.3% and Yaqin Fu will hold 20% of Zhongchai Machinery. As a result of the transaction, there will be a change of control of Zhongchai Machinery. In connection with the transaction, David Lazar, sole officer and Director of Zhongchai Machinery has agreed to appoint Xingtao Zhou and Tan Liang as the initial Directors of Zhongchai Machinery and submit his resignation as the sole Director and officer of Zhongchai Machinery. As a result thereof, Xingtao Zhou and Tan Liang will then constitute the entire Board of Directors of Zhongchai Machinery. The transaction is expected to close on or about December 29, 2018. McMurdo Law Group LLC acted as legal advisor in the transaction. John B. Lowy PC acted as legal advisor to Xingtao Zhou and Yaqin Fu. Bryan R. Clark PC acted as legal advisor to Custodian Ventures.
CANG BAO TIAN XIA INTERNATIONAL ART TRADE CENTER, INC., formerly Zhongchai Machinery, Inc., through its subsidiaries, is focused on the manufacturing and distribution of drivetrain products, mainly transmission gearboxes, gears and transaxles in the Peopleâs Republic of China. These products are used for making industrial, agricultural, and construction machinery, such as forklift trucks, excavators, tractors, diesel engines and other machines. The gears produced by the Company are used for internal production of transmission gearboxes and sold mainly to Chinese diesel engine manufacturers. Zhongchai Machinery conducts all of its business operations in China through its overseas holding company, Zhongchai Holding (Hong Kong) Limited and Zhejiang Zhongchai Machinery Co., Ltd. that produces and sells transmission gearboxes, gears and transaxles.
Xingtao Zhou and Yaqin Fu entered into a stock purchase agreement to acquire 93.3% stake in Zhongchai Machinery, Inc. from Custodian Ventures LLC for $0.38 million.
CANG BAO TIAN XIA INTERNATIONAL ART TRADE CENTER, INC. 
