Chen Yueqing completed the acquisition of 5.17% stake in Fujian Superpipe Co., Ltd. from Zhang Xiaoying.
January 15, 2018
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Chen Yueqing signed an agreement to acquire 5.17% stake in Fujian Superpipe Co., Ltd. (SZSE:300198) from Zhang Xiaoying for CNY 300 million on January 10, 2018. Under the terms of the transaction, Zhang Xiaoying will transfer 53.33 million shares at CNY 5.6 per share.
Chen Yueqing completed the acquisition of 5.17% stake in Fujian Superpipe Co., Ltd. (SZSE:300198) from Zhang Xiaoying on January 15, 2018. Upon completion, Chen Yueqing holds 5.17% stake and Zhang Xiaoying's stake reduced to 9.2% from 14.4% in Fujian Superpipe Co., Ltd.
Fujian Superpipe Co., Ltd. is a China-based company principally engaged in the research, development, manufacture and sale of drainage pipelines. The Company's main products include high density polyethylene (HDPE) winding reinforced pipes, steel framed polyethylene (PE) plastic composite pipes, continuous winding glass fiber reinforced pipes, polyester resin concrete pipes and related fittings. The Company's products are mainly used in rainwater harvesting, diversion, water supply, drainage, reclaimed water and other urban infrastructure, as well as in industrial, gas, sponge city construction and nuclear power pipeline industries. The Company distributes its products in domestic market and to overseas markets.