Zhejiang Yinlun Machinery Co., Ltd. cancelled the acquisition of 55% stake in Jiangsu Langxin Electric Co., Ltd. from Lu Yaoping, Wu Zhongbo, Yao Xiaojun and Ding Yanchuang.
January 26, 2019
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Zhejiang Yinlun Machinery Co., Ltd. (SZSE:002126) signed the share transfer agreement to acquire 55% stake in Jiangsu Langxin Electric Co., Ltd. from Lu Yaoping, Wu Zhongbo, Yao Xiaojun and Ding Yanchuang for approximately CNY 130 million on January 26, 2018. Under the terms of the transaction, Zhejiang Yinlun Machinery Co., Ltd. is to invest a total of CNY 130 million through share transfer and capital increase to obtain a total of 55% stake in Jiangsu Langxin Electric Co., Ltd. Zhejiang Yinlun Machinery Co., Ltd. will use cash of CNY 74.25 million to acquire CNY 12.38 million registered capital in Jiangsu Langxin Electric Co., Ltd. Concurrently, Zhejiang Yinlun Machinery Co., Ltd. is to increase capital in Jiangsu Langxin Electric Co., Ltd. using CNY 55 million of which CNY 9.17 million will be included in the registered capital of Jiangsu Langxin Electric Co., Ltd. while the remaining amount will be added as capital reserve. Lu Yaoping will sell 27% stake, Wu Zhongbo will sell 8.25% stake, Yao Xiaojun will sell 8.75% stake and Ding Yanchuang will sell 5.50% stake in Jiangsu Langxin Electric Co., Ltd. Post share transfer and capital increase, Zhejiang Yinlun Machinery Co., Ltd. will hold 55% stake, Lu Yaoping will hold 27% stake, Wu Zhongbo will hold 6.75% stake, Yao Xiaojun will have 6.75% stake and Ding Yanchuang will have 4.50% stake.
For the year ended December 31, 2017, Jiangsu Langxin Electric Co., Ltd. reported total revenues of CNY 190.21 million, total assets of CNY 168.03 million, net income of CNY 15.31 million and net assets of CNY 56.01 million. The transaction does not need approval from shareholders' of Zhejiang Yinlun Machinery Co., Ltd. As of January 29, 2018, transaction has been approved by Board of Zhejiang Yinlun Machinery Co., Ltd.
Zhejiang Yinlun Machinery Co., Ltd. (SZSE:002126) cancelled the acquisition of 55% stake in Jiangsu Langxin Electric Co., Ltd. from Lu Yaoping, Wu Zhongbo, Yao Xiaojun and Ding Yanchuang on January 26, 2019.
ZHEJIANG YINLUN MACHINERY CO.,LTD. is a China-based company principally engaged in the research and development, manufacture and sale of heat exchangers. The Companyâs products fall into various categories, including stainless steel oil coolers, oil cooler assemblies, oil filters, Exhaust Gas Recirculation (EGR) coolers, EGR valves and aluminum castings for engines; cooling modules for commercial vehicles, engineering and others; Selective Catalytic Reduction (SCR) and Diesel Particulate Filter (DPF) for post-treatment; aluminum oil coolers, intercoolers, water tanks, cooling modules for passenger cars; Organic Rankine Cycle (ORC) and industrial heat exchangers for industrial and marine use. The Company distributes its products in domestic market and to overseas markets.
Zhejiang Yinlun Machinery Co., Ltd. cancelled the acquisition of 55% stake in Jiangsu Langxin Electric Co., Ltd. from Lu Yaoping, Wu Zhongbo, Yao Xiaojun and Ding Yanchuang.