Xiamen Jihong Package Technology Ltd. signed an equity transfer agreement to acquire remaining 67% stake in Anhui Weizhi Environmental Protection Paper Co., Ltd. from Liu Xiao, Chen Maosheng, Li Tiejun and Ningbo Meishan Bonded Port Area Hongke Investment Management Partnership (L.P.) for CNY 54 million.
April 27, 2019
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Xiamen Jihong Package Technology Ltd. (SZSE:002803) signed an equity transfer agreement to acquire remaining 67% stake in Anhui Weizhi Environmental Protection Paper Co., Ltd. from Liu Xiao, Chen Maosheng, Li Tiejun and Ningbo Meishan Bonded Port Area Hongke Investment Management Partnership (L.P.) for CNY 54 million on April 25, 2019. The payment will be done in 2 installments of 50% of the transactional price each. The first installment is payable before June 30, 2019 and the second one is payable before September 30, 2019. The sellers commit to use not less than 50% of the compensation payed in the first installment to purchase shares of Xiamen Jihong Package Technology Ltd. in the second hand market within 180 days after receiving the compensation of said first installment. Xiamen Jihong Package Technology Ltd. holds 33% stake in Anhui Weizhi Environmental Protection Paper Co., Ltd. Liu Xiao is transferring a 27.3 % stake. Chen Maosheng is transferring a 15.1% stake, Li Tiejun is transferring an 8.6% stake and Ningbo Meishan Bonded Port Area Hongke Investment Management Partnership (L.P.) is transferring a 16% stake in Anhui Weizhi Environmental Protection Paper Co., Ltd.
As of December 31, 2018, Anhui Weizhi Environmental Protection Paper Co., Ltd. reported total assets of CNY 220 million and net assets of CNY 60.7 million. For the year ended December 31, 2018, Anhui Weizhi Environmental Protection Paper Co., Ltd. reported operating revenue of CNY 209 million and net profit of CNY 5.6 million. The transaction was approved by the 35th meeting of the 3rd directorate of Xiamen Jihong Package Technology Ltd.
Xiamen Jihong Technology Co.,Ltd, formerly Xiamen Jihong Package Technology Ltd., is a comprehensive solution provider for packaging and Internet services based on creative design and advertising planning. The Company operates its business through two segments. The Packaging Business includes the production and sale of paper containers such as color packaging cartons, color packaging boxes and environmentally friendly paper bags. The Internet Business includes Internet precision marketing and cross-border e-commerce extended by precision marketing. The Company conducts its business both in the domestic market and overseas markets.
Xiamen Jihong Package Technology Ltd. signed an equity transfer agreement to acquire remaining 67% stake in Anhui Weizhi Environmental Protection Paper Co., Ltd. from Liu Xiao, Chen Maosheng, Li Tiejun and Ningbo Meishan Bonded Port Area Hongke Investment Management Partnership (L.P.) for CNY 54 million.
XIAMEN JIHONG TECHNOLOGY CO., LTD. 
