Hangzhou Qitong Equity Investment Partnership Enterprise (Limited Partnership) completed the acquisition of 5% stake in Hangzhou Steam Turbine Power Group Co., Ltd. from Hangzhou Steam Turbine & Power Group Co.,Ltd.
June 06, 2023
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Hangzhou Qitong Equity Investment Partnership Enterprise (Limited Partnership) agreed to acquire 5% stake in Hangzhou Steam Turbine Power Group Co., Ltd. (SZSE:200771) from Hangzhou Steam Turbine & Power Group Co.,Ltd. for approximately CNY 440 million on April 3, 2023. As per the transaction, Hangzhou Qitong Equity Investment Partnership Enterprise (Limited Partnership) will acquire 49 million shares at CNY 8.95 per share. The transfer price will be paid in the following manner: (1) Within 5 working days from the signing date of this agreement, Party B shall pay Party A a performance bond of 30% of the share transfer price (the paid application bond shall be automatically converted into a performance bond in full on the date of signing this agreement, and the application bond shall not be counted Interest);(2) Within 5 working days after obtaining the approval from Hangzhou State-owned Capital Investment and Operation Co., Ltd., Party B must settle the remaining share transfer price in full, and the performance bond paid by Party B (without interest) will automatically be offset against the same amount of share transfer price.
Hangzhou Qitong Equity Investment Partnership Enterprise (Limited Partnership) completed the acquisition of 5% stake in Hangzhou Steam Turbine Power Group Co., Ltd. (SZSE:200771) from Hangzhou Steam Turbine & Power Group Co.,Ltd. on June 6, 2023. On June 5, 2023, Hangzhou Steam Turbine Power Group Co., Ltd received the Confirmation of Securities Transfer Registration issued by China Securities Depository and Clearing Co., Ltd, and the shares have been transferred and registered under the name of Hangzhou Qitong Equity Investment Partnership Enterprise.
Hangzhou Steam Turbine Power Group Co Ltd, formerly Hangzhou Steam Turbine Co., Ltd., is a China-based company mainly engaged in the manufacture of industrial turbo machinery equipment. The Company's main businesses include the design and manufacture of industrial steam turbines, gas turbines and other rotating industrial turbomachinery. The Company also provides customers with related services such as engineering solutions, general engineering contracts, product operation and maintenance, and remote monitoring. The Company distributes its products in the Chinese domestic market.
Hangzhou Qitong Equity Investment Partnership Enterprise (Limited Partnership) completed the acquisition of 5% stake in Hangzhou Steam Turbine Power Group Co., Ltd. from Hangzhou Steam Turbine & Power Group Co.,Ltd.