Jiangsu Zhongchao Holding Co., Ltd. agreed to acquire additional 25% stake in Jiangsu Changfeng cable co., Ltd. from Lu Quanlin for CNY 37.8 million.
June 19, 2021
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Jiangsu Zhongchao Holding Co., Ltd. (SZSE:002471) agreed to acquire additional 25% stake in Jiangsu Changfeng cable co., Ltd. from Lu Quanlin for CNY 37.8 million on June 18, 2021. Under the terms, from the effective date of this agreement to the date before the completion of the industrial and commercial change registration, Jiangsu Zhongchao shall pay Lu Yajun 55% of the equity transfer price, which is 20.79 million yuan; within five working days after the industrial and commercial change registration is completed, Jiangsu Zhongchao shall pay another 45% to Lu Yajun the equity transfer price is 17.01 million yuan. As of March 31, 2021, Changfeng Cable’s total assets were 0.105 million. The transaction is subject to shareholder approval of Jiangsu Zhongchao. The transaction receive approval from Board of Director.
Jiangsu Zhongchao Holding CO., LTD., formerly Jiangsu Zhongchao Cable CO., LTD., is a China-based company, principally engaged in the research and development, manufacture and distribution of electric wires and cables, as well as the provision of related services. The Company mainly provides power cables, electric wires and cables for electrical equipment, bare wires, cable materials, cable connectors, magnet wires, metal materials and teapots and fittings. The Company distributes its products within domestic market and to overseas markets.