Guangzhou Sanfu New Materials Technology Co.,Ltd signed agreement to acquire remaining 30% stake in Guangzhou Haoyue New Material Technology Co., Ltd. for approximately CNY 120 million.
June 29, 2022
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Guangzhou Sanfu New Materials Technology Co.,Ltd (SHSE:688359) signed agreement to acquire remaining 30% stake in Guangzhou Haoyue New Material Technology Co., Ltd. for approximately CNY 120 million on June 29, 2022. Post completion, Guangzhou Haoyue New Material Technology Co., Ltd. will become wholly owned subsidiary of Guangzhou Sanfu New Materials Technology Co.,Ltd. The consideration shall be payable installments as agreed between the parties. The transaction will be financed through own funds of Guangzhou Sanfu New Materials Technology Co.,Ltd. For the year ended December 31, 2021, Guangzhou Haoyue New Material Technology Co., Ltd. has reported total assets of CNY 158.62 million, net assets of CNY 74.14 million, operating income of CNY 210.55 million and net profit of CNY 18.46 million. The transaction is subject to obtaining approval from shareholders of Guangzhou Sanfu New Materials Technology Co.,Ltd. while its Board of Directors has approved the transaction.
Guangzhou Sanfu New Materials Technology Co Ltd is a China-based supplier of special chemicals for surface engineering. The Company is principally engaged in the research of surface engineering technology and the research and development, production and sales of new environmentally friendly surface engineering special chemicals. The Company's main products include electronic chemicals and general electroplating chemicals. Electronic chemicals are mainly special chemicals used in the surface engineering technology of the electronics industry. General electroplating chemicals are mainly special chemicals used in general electroplating processes such as auto parts and hardware sanitary ware industries. The company's products are mainly used in printed circuit boards, communication equipment, mobile phone parts, hardware sanitary ware and auto parts. The Company mainly distributes its products in the domestic market.
Guangzhou Sanfu New Materials Technology Co.,Ltd signed agreement to acquire remaining 30% stake in Guangzhou Haoyue New Material Technology Co., Ltd. for approximately CNY 120 million.
GUANGZHOU SANFU NEW MATERIALS TECHNOLOGY CO.,LTD 
