Henan Senyuan Electric Co., Ltd. cancelled the acquisition of Henan Senyuan Urban Environmental Technology Service Co., Ltd. from Henan Senyuan Heavy Industry Co., Ltd. and Henan Senyuan Group Co., Ltd.
September 26, 2020
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Henan Senyuan Electric Co., Ltd. (SZSE:002358) signed an agreement to acquire Henan Senyuan Urban Environmental Technology Service Co., Ltd. from Henan Senyuan Heavy Industry Co., Ltd. and Henan Senyuan Group Co., Ltd. for approximately CNY 550 million on September 26, 2019. Under the agreement, Henan Senyuan Electric Co., Ltd. will acquire 50% stake each from Henan Senyuan Heavy Industry Co., Ltd. and Henan Senyuan Group Co., Ltd. For the period ended December 31, 2018, Henan Senyuan Urban Environmental Technology Service Co., Ltd has reported total assets of CNY 359.51 million, total liabilities of CNY 231.79 million, net assets of CNY 127.72 million, revenues of CNY 172.98 million, operating profit of CNY 40.29 million and net profit of CNY 29.78 million. The Board of Directors of Henan Senyuan Electric Co., Ltd. has approved the transaction but approval from its shareholders is still pending.
Henan Senyuan Electric Co., Ltd. (SZSE:002358) cancelled the acquisition of Henan Senyuan Urban Environmental Technology Service Co., Ltd. from Henan Senyuan Heavy Industry Co., Ltd. and Henan Senyuan Group Co., Ltd. on September 26, 2020.
Henan Senyuan Electric Co., Ltd. is a China-based company, principally engaged in the development, manufacture and distribution of high- and low-voltage complete sets of electric devices and series components of high-voltage electric devices. The Company also provides high- and low-voltage switch components, power quality control equipment and new energy products. The Company's products are applied in State Grid, new energy, rail transportation, petrochemical, building materials, municipal, medical and health and metallurgical areas, among others. The Company distributes its products mainly within domestic markets.
Henan Senyuan Electric Co., Ltd. cancelled the acquisition of Henan Senyuan Urban Environmental Technology Service Co., Ltd. from Henan Senyuan Heavy Industry Co., Ltd. and Henan Senyuan Group Co., Ltd.
HENAN SENYUAN ELECTRIC CO., LTD. 
