Chen Pufa completed the acquisition of 51% stake in Guangdong Freely Bafang New Energy Co., Ltd. from Hangzhou Freely Communication Co., Ltd..
September 21, 2020
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Chen Pufa signed an agreement to acquire 51% stake in Guangdong Freely Bafang New Energy Co., Ltd. from Hangzhou Freely Communication Co., Ltd. (SHSE:603602) for CNY 1 on August 21, 2020. Huang Longfei holds 49% stake in Guangdong Freely Bafang New Energy Co., Ltd. Post completion, Hangzhou Freely Communication Co., Ltd. will no longer holds equity in Guangdong Freely Bafang New Energy Co., Ltd. Chen Pufa shall pay the entire transfer price to Hangzhou Freely Communication Co., Ltd. within 1 working day from the signing of this agreement. As of December 31, 2019, Guangdong Freely Bafang New Energy Co., Ltd. had total assets of CNY 158.6 million, total liabilities CNY 157.6 million, net assets of CNY 1 million, operating revenue of CNY 177.9 million and net loss of CNY 19 million. On August 21, 2020, Hangzhou Freely Communication Co., Ltd. convened the fifteenth meeting of the company’s fifth board of directors by means of on-site and communication and approved the transaction.
Chen Pufa completed the acquisition of 51% stake in Guangdong Freely Bafang New Energy Co., Ltd. from Hangzhou Freely Communication Co., Ltd. (SHSE:603602) on September 21, 2020.
Hangzhou Freely Communication Co Ltd is a company mainly engaged in construction of communication networks. The Company operates three businesses. The communication network technology service business provides the clients with communication network construction and maintenance services, including communication equipment installation engineering services, indoor distribution system services, daily maintenance of communication networks and fault repair services. The research, development and sales of communication products and supporting products business is engaged in production of mobile communication base station equipment and new energy batteries. The communication product operation business mainly provides integrated mobile office solutions for telecom operators, enterprises and institutions.
HANGZHOU FREELY COMMUNICATION CO., LTD. 