Jiaxing Fuxi Enterprise Management Co., Ltd agreed to acquire 20.6% stake in Gem-Year Logistics Co., Ltd., from Gem-Year Industrial Co., Ltd. for CNY 97.3 million.
May 14, 2020
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Jiaxing Fuxi Enterprise Management Co., Ltd agreed to acquire 20.6% stake in Gem-Year Logistics Co., Ltd., from Gem-Year Industrial Co., Ltd. (SHSE:601002) for CNY 97.3 million on May 13, 2020. Jiaxing Fuxi Enterprise Management will pay 50% of the total equity transfer price to Gem-Year Industrial Co totaling CNY 48.67 million before July 31, 2020 and before August 15, 2020, Jiaxing Fuxi Enterprise Management will pay Gem-Year Industrial Co the remaining 50% of the total equity transfer price of CNY 48.67 million. For the year ended December 31, 2019, Gem-Year Logistics Co., Ltd., had total assets of CNY 426.8 million, net assets of CNY 340.3 million, revenues of CNY 384.3 million and net profit of CNY 23.2 million. The transaction was reviewed and approved by the third interim meeting of the sixth directorate of the Gem-Year Industrial Co., Ltd. As of May 29, 2020, transaction was approved by the shareholders of Gem-Year Logistics.
GEM-YEAR INDUSTRIAL CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of mechanical basic parts. The Company mainly provides various types of fasteners, metal products, wire drawings and railway fasteners. The Company provides nuts, bolts, screws, thread rods and non-standard specialty fastening products, among others. The Company's products are applied in several industries, such as road and railway transportation, electric power, automobiles, motors, household electrical appliances and furniture. The Company distributes its products within domestic market and to overseas markets.
GEM-YEAR INDUSTRIAL CO.,LTD. 
