Shandong Jinyou Printing Co., Ltd cancelled the acquisition of Jinan Huaming CNC Equipment Co., Ltd from Huaming Power Equipment Co.,Ltd.
September 20, 2019
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Shandong Jinyou Printing Co., Ltd signed a stake transfer agreement to acquire Jinan Huaming CNC Equipment Co., Ltd from Huaming Power Equipment Co.,Ltd (SZSE:002270) for CNY 30 million on September 21, 2018. Post acquisition, Jinan Huaming CNC Equipment will become a wholly owned subsidiary of Shandong Jinyou Printing. Jinan Huaming CNC Equipment reported total assets of CNY 7.2 million, net assets of CNY 6.04 million, revenue of CNY 0.89 million, operating loss of CNY 0.5 million and net loss of CNY 0.5 million as of December 31, 2017. The transaction has been approved by the Board of Directors of Huaming Power Equipment Co.,Ltd at the 25th session of the 4th directorate.
Shandong Jinyou Printing Co., Ltd cancelled the acquisition of Jinan Huaming CNC Equipment Co., Ltd from Huaming Power Equipment Co.,Ltd (SZSE:002270) on September 21, 2019.
Huaming Power Equipment Co Ltd is a China-based company mainly engaged in power equipment business. The company is also engaged in computer numerical control (CNC) equipment business and power engineering business. The power equipment business mainly includes the research and development (R&D), manufacturing, sales and services of transformer on load tap changer, off-line tap changer and other power transmission and transformation equipment. The CNC equipment business is mainly engaged in the R&D, manufacturing and sales of optical electromechanical integration intelligent steel structure CNC complete sets of processing equipment. The power engineering business is mainly engaged in the contracting business of new energy power stations. The Company's products are sold to Russia, Brazil, the United States, Turkey and other countries and regions.
HUAMING POWER EQUIPMENT CO.,LTD 
