Jiangsu ChengXing Phosph-Chemicals Co., Ltd. cancelled the acquisition of Hanbang Petrochemical Co., Ltd from Wuxi Jintou Yongying Industry Investment Fund Enterprise (Limited Partnership) and Jiangsu Chengxing Petrochemical Group Co., Ltd.
April 27, 2020
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Jiangsu ChengXing Phosph-Chemicals Co., Ltd. (SHSE:600078) agreed to acquire Hanbang (Jiangyin) Petrochemical Co., Ltd from Wuxi Jintou Yongying Industry Investment Fund Enterprise (Limited Partnership) and Jiangsu Chengxing Petrochemical Group Co., Ltd on June 21, 2019. According to the transaction, Jiangsu ChengXing Phosph-Chemicals Co., Ltd. will acquire 93.32% stake in Hanbang (Jiangyin) Petrochemical from Jiangsu Chengxing Petrochemical Group Co., Ltd and 6.68% stake from Wuxi Jintou Yongying Industry Investment Fund Enterprise (Limited Partnership). Jiangsu ChengXing Phosph-Chemicals Co., Ltd. intends to pay Hanbang (Jiangyin) Petrochemical Co., Ltd. through issuance of shares, cash and convertible bond. For the financial year December 31, 2018, Hanbang (Jiangyin) Petrochemical Co., Ltd reported total revenue of CNY 15 billion, total asset of CNY 17 billion, net income of CNY 400 million and total common equity of CNY 2 billion. The transaction is subject to shareholder approval and relevant approval procedures. The 10th meeting of the 9th directorate of Jiangsu ChengXing Phosph-Chemicals Co., Ltd. approved the acquisition.
Jiangsu ChengXing Phosph-Chemicals Co., Ltd. (SHSE:600078) cancelled the acquisition of Hanbang (Jiangyin) Petrochemical Co., Ltd from Wuxi Jintou Yongying Industry Investment Fund Enterprise (Limited Partnership) and Jiangsu Chengxing Petrochemical Group Co., Ltd on April 27, 2020.
Jiangsu ChengXing Phosph-Chemical Co.,Ltd is a China-based company principally engaged in production and distribution of fine phosphorous chemical series products. The Company's main products are phosphoric acid, phosphate products and yellow phosphorus. The Company's products are mainly used in the application areas of food industry, metal phosphating, cathode materials, downstream phosphorous chemical series products and industrial industries. The Company distributes its products in domestic market and to overseas markets.
Jiangsu ChengXing Phosph-Chemicals Co., Ltd. cancelled the acquisition of Hanbang Petrochemical Co., Ltd from Wuxi Jintou Yongying Industry Investment Fund Enterprise (Limited Partnership) and Jiangsu Chengxing Petrochemical Group Co., Ltd.