Ningbo Sanxing Medical Electric Co.,Ltd. agreed to acquire Hangzhou Mingzhou Naokang Rehabilitation Hospital Co., Ltd. from Ningbo Kaiyun Huafu Equity Investment Partnership Enterprise (Limited Partnership), Ningbo Zhongnuo Equity Investment Management Partnership Enterprise (Limited Partnership) and Ningbo Zhongxian Investment Management Partnership Enterprise (Limited Partnership) for CNY 480 million.
April 02, 2021
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Ningbo Sanxing Medical Electric Co.,Ltd. (SHSE:601567) agreed to acquire Hangzhou Mingzhou Naokang Rehabilitation Hospital Co., Ltd. from Ningbo Kaiyun Huafu Equity Investment Partnership Enterprise (Limited Partnership), Ningbo Zhongnuo Equity Investment Management Partnership Enterprise (Limited Partnership) and Ningbo Zhongxian Investment Management Partnership Enterprise (Limited Partnership) for CNY 480 million on April 1, 2021. Under the terms of the transaction, Ningbo Kaiyun Huafu Equity Investment Partnership Enterprise (Limited Partnership) will sell 68% stake, Ningbo Zhongnuo Equity Investment Management Partnership Enterprise (Limited Partnership) will sell 17% stake and Ningbo Zhongxian Investment Management Partnership Enterprise (Limited Partnership) will sell 15% stake in Hangzhou Mingzhou Naokang Rehabilitation Hospital Co., Ltd. Ningbo Sanxing Medical Electric Co.,Ltd. will pay 30% of the transfer price within 15 working days after the shareholders’ approval, 40% of the transfer price within 15 working days after the completion of the transfer and remaining 30% stake within 15 working days after the issuance of the 2023 audit report.
For the year ended December 31, 2020, Hangzhou Mingzhou Naokang Rehabilitation Hospital Co., Ltd. reported total assets of CNY 179.9 million, total common equity of CNY 122.3 million, total revenues of CNY 195.9 million and net income of CNY 36 million. The transaction has been approved in the 8th Meeting of the Company’s 5th Directorate, and is subject to the Shareholders’ Approval.
Ningbo Sanxing Medical Electric Co.,Ltd., formerly Ningbo Sanxing Electric Co., Ltd., is principally engaged in the research, development, manufacture and distribution of electric power meters and terminals. The Company primarily provides smart power meters, electronic power meters, induction power meters, terminals, transformers and switch cabinets, among others. The Company is also involved in provision of leaseback service. The Company distributes its products within domestic market and to overseas markets.