Zhangjiagang Xinkecheng New Energy Technology Development Co., Ltd. signed a transfer agreement to acquire 83.6% stake in Ningxia Jiangnan Jicheng Technology Co., Ltd. from Suzhou Hailu Heavy Industry Co., Ltd. for approximately CNY 190 million.
April 28, 2020
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Zhangjiagang Xinkecheng New Energy Technology Development Co., Ltd. signed a transfer agreement to acquire 83.6% stake in Ningxia Jiangnan Jicheng Technology Co., Ltd. from Suzhou Hailu Heavy Industry Co., Ltd. (SZSE:002255) for approximately CNY 190 million on April 27, 2020. Within 3 months after the agreement becomes effective, the payment of the transfer price must be completed. For the year ended December 31, 2019, Ningxia Jiangnan Jicheng had revenues of CNY 494 million, operating loss of CNY 1.7 billion, net loss of CNY 1.7 billion, total assets of CNY 282 million and net liabilities of CNY 665 million. The transaction has been approved by the Board of Directors of Suzhou Hailu Heavy at the 10th session of its 5th directorate. The transaction requires approval from the shareholders of Suzhou Hailu Heavy.
Suzhou Hailu Heavy Industry Co.,Ltd is a China-based company principally engaged in the manufacture and sales of waste heat boilers, large and special material pressure vessels and nuclear products, as well as the provision of integrated environmental governance services, including solid waste treatment, waste water treatment and waste recycling. The Companyâs products mainly include boilers, pressure vessels and nuclear power equipment. Through its subsidiaries, the Company is also engaged in the treatment of solid waste and waste water, as well as the sales of steam.
Zhangjiagang Xinkecheng New Energy Technology Development Co., Ltd. signed a transfer agreement to acquire 83.6% stake in Ningxia Jiangnan Jicheng Technology Co., Ltd. from Suzhou Hailu Heavy Industry Co., Ltd. for approximately CNY 190 million.
SUZHOU HAILU HEAVY INDUSTRY CO.,LTD 
