A company controlled by Wen Zehong completed the acquisition of Jiangsu Morn Electric Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd..
January 06, 2021
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A company controlled by Wen Zehong agreed to acquire Jiangsu Morn Electric Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451) for CNY 17.1 million on December 2, 2020. Within 2 working days after the payment terms stipulated in this agreement are fulfilled, the actual transfer price of the target equity shall be transferred to the bank account designated by Shanghai Morn Electric Equipment Co., Ltd. For the year ended December 31, 2019, Jiangsu Morn Electric Co., Ltd. reported total assets of CNY 11.23 million, net assets of CNY 10.17 million, revenues of CNY 9.72 million, operating loss of CNY 1.42 million and net loss of CNY 1.42 million. On December 02, 2020, Shanghai Morn Electric Equipment Co., Ltd. held the fourth meeting of the fifth board of directors and reviewed and approved this proposal.
A company controlled by Wen Zehong completed the acquisition of Jiangsu Morn Electric Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451) January 6, 2021. The company received all equity transfer payments of CNY 17.14 on December 24, 2020.
Shanghai Morn Electric Equipment Co., Ltd. is a China-based company principally involved in the research, development, manufacture and sales of electric wires and cables. The Company operates through two main segments. The Electric Cables segment is mainly engaged in the research, development, manufacture and sales of power cables, wires and cables for electrical equipment, bare wire and bare conductors, communication cables and optical cables and others. The Quasi Finance segment is mainly engaged in the financial leasing activities and commercial factoring activities.