Shandong Zhangqiu Blower Co., Ltd signed an agreement to acquire a 85.5% stake in Hebei Think-Do Water Treatment Technology Co., Ltd from Hebei Think-Do Environment Co.,Ltd, Ningbo Kairui Xietong Investment Partnership Enterprise (Limited Partnership) and Jinan Kaili Ruiyi Equity Investment Fund Center (Limited Partnership) for approximately CNY 170 million.
August 15, 2020
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Shandong Zhangqiu Blower Co., Ltd (SZSE:002598) signed an agreement to acquire a 85.5% stake in Hebei Think-Do Water Treatment Technology Co., Ltd from Hebei Think-Do Environment Co.,Ltd, Ningbo Kairui Xietong Investment Partnership Enterprise (Limited Partnership) and Jinan Kaili Ruiyi Equity Investment Fund Center (Limited Partnership) for approximately CNY 170 million recently. Shandong Zhangqiu Blower will acquire 52.6620% stake from Ningbo Kairui Xietong Investment Partnership Enterprise (Limited Partnership) for CNY 96 million, 2.8935% stake from Jinan Kaili Ruiyi Equity Investment Fund Center (Limited Partnership) for CNY 5.28 million and 29.9852% stake from Hebei Think-Do Environment Co., Ltd. for CNY 64.77 million. As of December 31, 2019, Hebei Think-Do Water Treatment Technology had total assets of CNY 118.8 million, net assets of CNY 92.9 million and for the year ending December 31, 2019, Hebei Think-Do Water Treatment Technology had revenue of CNY 164.6 million, operating profit of CNY 19.1 million, and net profit of CNY 17.02 million. This transaction still needs to be approved by Shandong Zhangqiu Blower Co., Ltd.'s 1st special shareholders’ meeting for 2020. On August 14, 2020, the 7th session of Shandong Zhangqiu Blower Co., Ltd.'s 4th directorate approved the deal.
Shandong Zhangqiu Blower Co., LTD is a China-based company principally engaged in the research, development, design, manufacture and sale of blowers, slurry pumps, pneumatic conveying products, mining machinery and electrical start-up cabinets. The Company's main products include Roots blowers, multistage centrifugal blowers and ventilators. The Company's products are used in electric power, petroleum, chemical, fertilizer, steel, smelting, oxygen production, cement, food, textile, papermaking, dusting, aquaculture, sewage treatment, pneumatic conveying and air separation industries. The Company distributes its products in domestic market.
Shandong Zhangqiu Blower Co., Ltd signed an agreement to acquire a 85.5% stake in Hebei Think-Do Water Treatment Technology Co., Ltd from Hebei Think-Do Environment Co.,Ltd, Ningbo Kairui Xietong Investment Partnership Enterprise (Limited Partnership) and Jinan Kaili Ruiyi Equity Investment Fund Center (Limited Partnership) for approximately CNY 170 million.
SHANDONG ZHANGQIU BLOWER CO., LTD 
