Hebei Huijin Electromechanical Co., Ltd. signed an equity transfer agreement to acquire 70% stake in Beijing Zhongke Tuoda Technology Co., Ltd from Tong Xinmiao and Wang Dongkai for approximately CNY 360 million.
January 22, 2018
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Hebei Huijin Electromechanical Co., Ltd. (SZSE:300368) signed an equity transfer agreement to acquire 70% stake in Beijing Zhongke Tuoda Technology Co., Ltd from Tong Xinmiao and Wang Dongkai for approximately CNY 360 million on January 22, 2018. The transaction will be paid in cash. Tong Xinmiao will transfer a 50% stake for approximately CNY 260 million and Wang Dongkai will sell 20% stake for approximately CNY 100 million. Payment will be done in 4 installments. The first installment comprises 50% of the transactional price each approximately CNY 130 million to Tong Xinmiao and CNY 51.6 million to Wang Dongkai and will be paid within 10 days since the signing of the respective agreement. The 2nd, 3rd and 4th installments will be for 10%, 20% and 20%, respectively of transactional price. Installments will be done within 10 working days since the publication of the 2018, 2019 and 2020 annual performance review. The transaction is subject to approval by shareholders of Hebei Huijin Electromechanical at a meeting to be held on February 8, 2018. The transaction is approved by Board of Hebei Huijin Electromechanical on January 22, 2018. On February 8, 2018, the transaction was approved by the shareholders of Hebei Huijin Electromechanical Co., Ltd.
Hebei Huijin Group Co Ltd, formerly Hebei Huijin Electromechanical Co Ltd, is mainly involved in the research, development, manufacture, sale and service of bank equipment. The Companyâs main products include banknote strapping machines and binding machines, self-service bank receipt printers, self-service paper machines, Renminbi (RMB) distribution packaging line, virtual counters and RMB anti-counterfeit propaganda stations among others. The Company supplies its products in domestic banks including Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Construction Bank of China, Bank of Communications and others. It distributes its products in domestic and overseas markets.
Hebei Huijin Electromechanical Co., Ltd. signed an equity transfer agreement to acquire 70% stake in Beijing Zhongke Tuoda Technology Co., Ltd from Tong Xinmiao and Wang Dongkai for approximately CNY 360 million.
HEBEI HUIJIN GROUP CO., LTD. 
