Sotech Smarter Equipment Co., Ltd. cancelled the acquisition of Chengdu Fujiang Machinery Manufacturing Co., Ltd. from Sichuan Qifa Industrial Co., Ltd. and He Qin.
January 09, 2018
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Sotech Smarter Equipment Co., Ltd. (SZSE:300173) signed an agreement to acquire Chengdu Fujiang Machinery Manufacturing Co., Ltd. from Sichuan Qifa Industrial Co., Ltd. and He Qin for approximately CNY 650 million on August 8, 2016. Under the terms, Sichuan Qifa Industrial Co., Ltd. will sell 57.42% stake and receive 29.2 million shares in consideration and He Qin will sell 42.6% stake and receive 21.7 million shares. In a related deal, Sotech Smarter Equipment Co., Ltd. announced a private placement of CNY 650 million. Post this transaction, Chengdu Fujiang Machinery Manufacturing Co., Ltd will operate as a wholly owned subsidiary of Sotech Smarter Equipment Co., Ltd. For the year ended December 31, 2015, Chengdu Fujiang Machinery Manufacturing Co., Ltd. reported audited total assets of CNY 109.36 million, audited net assets of CNY 52.53 million, audited operating revenue of CNY 58.96 million, audited operating profit of CNY 16.85 million and audited net profit of CNY 14.65 million.
The deal is subject to approval from shareholders of Sotech Smarter Equipment Co., Ltd. and CSRC. The deal was approved by the shareholders of Sichuan Qifa Industrial. The deal is approved by He Qin, State Administration of Science, Technology and Industry for National Defense, Board of Directors of Sotech Smarter Equipment Co., Ltd. and Sichuan Qifa Industrial Co., Ltd. On March 14, 2017, Sotech Smarter Equipment Co., Ltd. applied to securities regulator to halt review of its asset acquisition proposal. On April 20, 2017, the Board of Directors of Sotech Smarter Equipment Co., Ltd. approved the termination of the agreement. The termination of the transaction needs to be approved by the shareholders’ meeting of Sotech Smarter Equipment Co., Ltd. After shareholders’ approval, the termination of the transaction will be applied to CSRC. CITIC Securities Company Limited acted as independent financial advisor, King & Wood Mallesons acted as legal advisor and Ruihua Certified Public Accountants, LLP acted as auditor for Sotech Smarter Equipment Co., Ltd.
Sotech Smarter Equipment Co., Ltd. (SZSE:300173) cancelled the acquisition of Chengdu Fujiang Machinery Manufacturing Co., Ltd. from Sichuan Qifa Industrial Co., Ltd. and He Qin on January 10, 2018.
Funeng Oriental Equipment Technology Co Ltd, formerly Sotech Smarter Equipment Co Ltd, is a company engaged in research, development, production and sales of intelligent automated manufacturing equipment. The Company's products are comprised of dedicated automation equipment, non-standard automated production equipment, robotic automated production lines and intelligent specific equipment. The products include glass engraving machine, automatic cover line, liquid crystal display extrusion and sealing automatic line and so on. The Company's products are mainly used in computer, communication and consumer electronics areas, as well as office stationery and biomedical industries. The Company also produces liquid injection machines, film production and stacking machines and digital battery automatic packaging machines for the manufacturing of lithium batteries.
Sotech Smarter Equipment Co., Ltd. cancelled the acquisition of Chengdu Fujiang Machinery Manufacturing Co., Ltd. from Sichuan Qifa Industrial Co., Ltd. and He Qin.
FUNENG ORIENTAL EQUIPMENT TECHNOLOGY CO., LTD. 
