Vanfund Urban Investment and Development Co., Ltd. completed the acquisition of a 36.47% stake in Harbin Zhudinggongda New Material Technology Co., Ltd. from Xing Dawei, Wang Ting, Shen Yaping and Wang Biyi.
March 10, 2021
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Vanfund Urban Investment and Development Co., Ltd. (SZSE:000638) signed an agreement to acquire a 36.47% stake in Harbin Zhudinggongda New Material Technology Co., Ltd. from Xing Dawei, Wang Ting, Shen Yaping and Wang Biyi for CNY 62 million on February 26, 2021. Under the term, Vanfund Urban Investment and Development will pay CNY 10 million within 5 working days after the announcement of the company's board of directors' resolutions. The second payment will be paid after the audit institution issues a standard unqualified audit report on the Harbin Zhudinggongda New Material Technology's 2021 financial report before April 30, 2022, and proves that Harbin Zhudinggongda New Material Technology has completed its annual performance commitment, Vanfund Urban Investment and Development will pay CNY 20 million no later than April 30, 2022. The third payment will be paid after the auditing agency issues a standard unqualified audit report on Harbin Zhudinggongda New Material Technology's 2022 annual financial report before April 30, 2023, and proves that Harbin Zhudinggongda New Material Technology has completed its annual performance commitment, Vanfund Urban Investment and Development will pay CNY 16 million no later than April 30, 2023. The fourth payment will be paid after the auditing agency issues a standard unqualified audit report on Harbin Zhudinggongda New Material Technology's 2023 financial report before April 30, 2024, and it proves that Harbin Zhudinggongda New Material Technology has completed its annual performance commitment, Vanfund Urban Investment and Development will pay CNY 16 million no later than April 30, 2024. In related transaction, Vanfund Urban Investment and Development will pay CNY 0.625 million as capital increase and CNY 9.375 million for capital reserve of Harbin Zhudinggongda New Material Technology. After the completion of the transaction, the registered capital of Harbin Zhudinggongda New Material Technology will increase to CNY 11.25 million. Vanfund Urban Investment and Development will hold a total of 40% of Harbin Zhudinggongda New Material Technology, becoming the largest shareholder of Harbin Zhudinggongda New Material Technology. The transaction was approved by the board of director of Vanfund Urban Investment and Development on the 20th meeting of the ninth board of directors on February 26, 2021.
Vanfund Urban Investment and Development Co., Ltd. (SZSE:000638) completed the acquisition of a 36.47% stake in Harbin Zhudinggongda New Material Technology Co., Ltd. from Xing Dawei, Wang Ting, Shen Yaping and Wang Biyi on March 10, 2021. As of December 7, 2021, Vanfund Urban Investment and Development has completed the payment of the first transfer of shares in accordance with the agreement and completed the payment of the entire capital increase of Harbin Zhudinggongda New Material Technology Co., Ltd.
Vanfund Urban Investment & Development Co., Ltd. is a China-based company principally engaged in the trading of general merchandise. The Company also provides advisory services and fund management services, while the Company is also involved integration sales and maintenance of medical hardware, software and systems. The Companyâs general merchandise mainly includes timber products. The Company operates its businesses mainly in domestic market.
Vanfund Urban Investment and Development Co., Ltd. completed the acquisition of a 36.47% stake in Harbin Zhudinggongda New Material Technology Co., Ltd. from Xing Dawei, Wang Ting, Shen Yaping and Wang Biyi.