Liontec Trade Co., Ltd. cancelled the acquisition of Taiyuan Gangyu Logistics Engineering Co., Ltd. from Innuovo Technology Co., Ltd..
January 18, 2020
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Liontec Trade Co., Ltd. entered into an agreement to acquire Taiyuan Gangyu Logistics Engineering Co., Ltd. from Innuovo Technology Co., Ltd. (SZSE:000795) for CNY 18 million on January 18, 2019. Out of total consideration, CNY 1 million was paid on the agreement dtae as guarantee, 30% will be paid within 3 days since signing of the agreement, 40% will be paid within 3 days since completion of all conditions, and remaining 30% will be paid within 3 days since completion. As of September 30, 2018, Taiyuan Gangyu Logistics Engineering Co., Ltd. reported total assets of CNY 78.8 million and net liabilities of CNY 165.1 million. The transaction was approved by the 5th meeting of the 8th directorate of Innuovo Technology Co., Ltd. on January 18, 2019 and does not need its shareholders' approval.
Liontec Trade Co., Ltd. cancelled the acquisition of Taiyuan Gangyu Logistics Engineering Co., Ltd. from Innuovo Technology Co., Ltd. (SZSE:000795) on January 18, 2020.
INNUOVO TECHNOLOGY CO.,LTD., formerly TAIYUAN TWIN TOWER ALUMINUM OXIDE CO., LTD., is a China-based company principally engaged in the research, development, manufacture and distribution of rare-earth permanent magnetic materials and products, motor products, as well as logistics and intelligent fire equipment. The Companyâs main products include neodymium iron boron, motors, Automated Storage and Retrieval Systems (AS/RS) and diamond products. The Company operates its businesses in domestic market and overseas markets.