Kinghand Industrial Investment Co., Ltd. signed an equity transfer agreement to acquire 35% stake in Penglai Hualu Jinyu Health Pension Development Co., Ltd from Yantai Jinyu Property Co., Ltd for CNY 11.5 million.
June 19, 2018
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Kinghand Industrial Investment Co., Ltd. (SZSE:000615) signed an equity transfer agreement to acquire 35% stake in Penglai Hualu Jinyu Health Pension Development Co., Ltd from Yantai Jinyu Property Co., Ltd for CNY 11.5 million on June 15, 2018. Under the terms, total consideration is CNY 53.5 million in which CNY 11.5 million are for the equity transfer and CNY 42 million are to subscribe for capital contributions as required. The consideration CNY 11.5 million will be paid within 3 days since signing of the relevant agreement.
As of December 31, 2017, Penglai Hualu Jinyu Health Pension Development Co., Ltd reported total assets of CNY 62.4 million, net assets of CNY 30 million, operational income of CNY 0, operational profit of CNY 667 and net profit of CNY 500.05. The transaction has been approved by the Board of Directors of Kinghand Industrial Investment Co., Ltd at the 6th meeting of the 9th directorate held on June 15, 2018.
Aoyuan Beauty Valley Technology Co Ltd, formerly Kinghand Industrial Investment Group Co Ltd, is a China-based company principally engaged in the development and sales of real estates. The company mainly operates through two business segments: the Real Estate Development segment and the Chemical Fiber Products segment. The chemical fiber products mainly include viscose filament, pulp, refined cotton and cellophane products. The Company mainly operates its businesses in the domestic and overseas markets.
Kinghand Industrial Investment Co., Ltd. signed an equity transfer agreement to acquire 35% stake in Penglai Hualu Jinyu Health Pension Development Co., Ltd from Yantai Jinyu Property Co., Ltd for CNY 11.5 million.