Suzhou Chuangyuan Investment & Development Co., Ltd. cancelled the acquisition of a 60% stake in Guangdong Zhongde Cable Co., Ltd. from Jiangsu Zhongli Group Co.,Ltd.
April 26, 2022
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Suzhou Chuangyuan Investment & Development (Group) Co., Ltd. signed an Equity Transfer Agreement to acquire a 60% stake in Guangdong Zhongde Cable Co., Ltd. from Jiangsu Zhongli Group Co.,Ltd (SZSE:002309) for approximately CNY 400 million on February 9, 2022. The consideration will be paid in four installments. In a related transaction, Dongguan Hongshun Enterprise Management Development Co., Ltd. will acquire 2% stake in Guangdong Zhongde from Jiangsu Zhongli Group Co.,Ltd (SZSE:002309) for CNY 13.18 million. Post completion, Jiangsu Zhongli will hold 38% stake, Suzhou Chuangyuan Investment will hold 60% stake and Dongguan Hongshun Enterprise will hold 2% stake in Guangdong Zhongde. As of September 30, 2021, Guangdong Zhongde reported total assets of CNY 1.02 billion and net assets of CNY 0.54 billion. The transaction is approved by the board of directors of Jiangsu Zhongli.
Suzhou Chuangyuan Investment & Development (Group) Co., Ltd. cancelled the acquisition of a 60% stake in Guangdong Zhongde Cable Co., Ltd. from Jiangsu Zhongli Group Co.,Ltd (SZSE:002309) on April 26, 2022. The suspension of this agreement is the mutual decision of both Suzhou Chuangyuan Investment & Development and Jiangsu Zhongli Group.
Jiangsu Zhongli Group Co Ltd, formerly Zhongli Science And Technology Group Co.,Ltd, is a China-based company principally engaged in the manufacture and sale of cables and optical cables, as well as the development and operation of photovoltaic power stations. The Company's main products include flame retardant and fire resistant flexible cables, metal conductors, cable compounds, optical cables and other cables, marine cables, photovoltaic solar cells and modules, and optical wands and optical fibers, among others. The Company distributes its products in domestic market and to overseas markets.
Suzhou Chuangyuan Investment & Development Co., Ltd. cancelled the acquisition of a 60% stake in Guangdong Zhongde Cable Co., Ltd. from Jiangsu Zhongli Group Co.,Ltd.