Citychamp Dartong Co., Ltd. cancelled the acquisition of Fujian Honghui Real Estate Co., Ltd from Fujian Diequanwan Group Co., Ltd. Gao Yong and Jiang Yulin.
April 22, 2020
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Citychamp Dartong Co., Ltd. (SHSE:600067) signed an equity transfer agreement to acquire Fujian Honghui Real Estate Co., Ltd from Fujian Diequanwan Group Co., Ltd. Gao Yong and Jiang Yulin for approximately CNY 270 million on April 22, 2019. As per the terms of transaction, Citychamp Dartong will use CNY 119.4 million and will also pay for a debt of CNY 146.4 million held against Fujian Honghui Real Estate Co., Ltd. by Fujian Diequanwan Group Co., Ltd. Citychamp Dartong will acquire 75% stake from Fujian Diequanwan, 14% stake from Gao Yong and 11% stake from Jiang Yulin. Transactional price should be paid within 10 days since completion of change of registry procedures. For the December 31, 2018, Fujian Honghui Real Estate reported total assets of CNY 323.9 million, net liabilities of CNY 21.3 million, operating revenue of CNY 8.3 million, net loss of CNY 56.7 million. The transaction has been approved by the 29th meeting of the 10th directorate and there is no need for approval from the shareholders’ meeting of Citychamp Dartong.
Citychamp Dartong Co., Ltd. (SHSE:600067) cancelled the acquisition of Fujian Honghui Real Estate Co., Ltd from Fujian Diequanwan Group Co., Ltd. Gao Yong and Jiang Yulin on April 22, 2020.
CITYCHAMP DARTONG CO., LTD. is a China-based company principally engaged in the development and sales of properties. The Company is also engaged in the manufacturing and sales of enameled wires. The Companyâs real estate products include general residential buildings, office buildings, high-rise apartments, garden houses, villas, comprehensive commercial buildings and others. The Company's enameled wires are mainly used in home appliances, automobiles, power tools, generators, special motors, electronics and other industries. The Company is also involved in the manufacturing and sales of power batteries through its subsidiaries.
Citychamp Dartong Co., Ltd. cancelled the acquisition of Fujian Honghui Real Estate Co., Ltd from Fujian Diequanwan Group Co., Ltd. Gao Yong and Jiang Yulin.